Utah’s SAP-owned Qualtrics International files for US IPO, seeks $14.4bn valuation

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Utah’s SAP-owned Qualtrics International files for US IPO, seeks $14.4bn valuation

Qualtrics International Inc., the Provo, Utah-headquartered American multinational experience management company engaged primarily in survey-software and backed by a German software group SAP SE, had filed for a US IPO (Initial Public Offering) of up to $100 million earlier this week, a regulatory filing lodged with the US SEC (Securities and Exchange Commission) had unfurled, joining a cascade of tech start-ups in a broadly cachexic US IPO market this year which mostly had featured a flurry of insurance and healthcare companies.

On top of that, according to Qualtrics’ regulatory filing with US SEC, the Utah-based survey-software seller would offer two separate classes of common stocks following a completion of the offering, while the German business software group SAP’s US arm, SAP America Inc.

would retain its stance as a controlling shareholder and would own all 423.2 million Class B shares. Besides, Qualtrics International Inc., which SAP SE had purchased for $8 billion a couple of years earlier, had added in the regulatory filing that the company had been seeking to enlist its Class A common stocks on the Nasdaq Global Select Market under the ticker “XM,” while Qualtrics was also quoted saying that the survey-software seller was expecting its IPO to be priced between $20 to $24 per share.

Qualtrics files for US IPO as tech stocks largely outperform broader market

Concomitantly, Qualtrics’ revenue surged around 32 per cent to $550 million over the first three quarters of the year that ended on September 30, while the company’s net loss had been shrunk to a $258 million during the same period this year compared to a loss of $860.4 million clocked at the same time a year earlier.

Besides, Qualtrics International Inc., the Utah-based real-time tracker of feedbacks from business consumers aimed at analysing how a firm’s products or services are performing, had said that the heavy-weight US lenders and financial service provider, Morgan Stanley and JPMorgan Chase & Co., would act as its lead underwriters for the offering.