- Qualtrics International, a Utah-based software startup, filed to go public in October, and it has now proposed prices for its IPO.
- Qualtrics plans to raise as much as $US495 million by offering 23.6 million shares in total, at the price range of $US18 to $US21.
- At the midpoint of that price range, Qualtrics would be valued at about $US4.8 billion – almost double its last private market valuation of $US2.5 billion.
- Qualtrics plans to list on NASDAQ under the symbol “XM” because it is known for its flagship “Experience Management” software, designed to analyse and improves user experience.
Qualtrics International, a Utah-based software startup, plans to raise as much as $US495 million when it goes public later this month.
Qualtrics, which sells software to analyse, manage and improve software user experience, announced Monday terms for its IPO. It plans to offer 20.5 million shares at a price range of $US18 to $US21, plus another 3.1 million shares for its underwriters. At that price range, Qualtrics could raise anywhere from $US424 million to $US495 million in its IPO.
At the midpoint of that price range, Qualtrics would have a fully-diluted market value of about $US4.8 billion and an enterprise value of about $US4.3 billion. Last year, Qualtrics was valued at $US2.5 billion at the time of its last private fundraising, and had raised about $US400 million in venture capital altogether. This means that there’s a very real possibility that Qualtrics will see its valuation double the very moment it goes public.
Qualtrics filed to go public in October, and it’s expected to go public during the week of November 12. The company will list on the NASDAQ under the symbol “XM” – a reference to the “experience management” software it sells.
“We have created a new category of software, Experience Management, or XM™, which enables organisations to address the challenges and opportunities presented by the experience economy,” the company wrote in its S-1 filing with the Securities and Exchange Commission (SEC).
Morgan Stanley, Goldman Sachs, Barclays, RBC Capital Markets, Jefferies, Deutsche Bank and BMO Capital Markets will lead the deal.