SAP's Qualtrics International Boosts Size, Expected Price Range of IPO
By Colin Kellaher
Qualtrics International Inc. on Monday raised the size and
expected price range of its initial public offering.
The Provo, Utah, customer-relationship-management software
vendor owned by Germany's SAP SE said it now plans to sell about
50.4 million shares at between $27 and $29 apiece in the IPO, up
from prior plans to offer roughly 49.2 million shares at between
$22 and $26 each.
At the $28 midpoint of the new range, Qualtrics said it expects
net proceeds of about $1.33 billion, or roughly $1.535 billion if
the underwriters exercise an option to buy an additional 7.56
In a filing with the U.S. Securities and Exchange Commission,
Qualtrics said it would have roughly 510.2 million shares
outstanding after the IPO, assuming exercise of the overallotment
option, for a market capitalization of about $14.3 billion at the
new $28-a-share midpoint.
SAP, which in late 2018 agreed to buy Qualtrics for about $8
billion, will still hold 98% voting power after the IPO.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
January 25, 2021 09:28 ET (14:28 GMT)
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