Clearwater Analytics, a SaaS (Software-as-a-Service) fintech company largely centred on investment management software, headquartered in Boise, Idaho, had filed for an IPO (Initial Public Offerings) with US SEC (Securities and Exchange Commission) late on Monday, as the financial technology firm looks to capitalize on an overweight US capital market with participants favouring new tech stocks.
In point of fact, latest move from the Idaho-based SaaS financial technology firm comes over the heels of a US IPO market which has been hovering at the strongest in more than half a decade, while a latest cohort of a persistent rotation between tech-associated growth stocks and cyclicals alongside defensives had spurred up Wall Street benchmark S&P 500 and tech-heavy Nasdaq to multiple record closing highs over recent past.
In tandem, S&P 500 had posted its 50th record closing high in 2021 last week.
Welsh Carson-backed Clearwater Analytics files for US IPO
Apart from that, according to the IPO filings of Clearwater Analytics, backed by the US-based private equity firm Welsh Carson, the Idaho-based investment management software company had yet to disclose the terms of its initial offerings, however, the company had reported a 24 per cent growth in revenues on a year-on-year basis over first half of 2021 that ended on June 30.
More interestingly, latest Clearwater Analytics approach to a public market floatation in US capital market came forth just weeks after media headlines had revealed that Welsh Carson had been exploring a potential sale of the SaaS fintech firm for roughly $2 billion.
Although, Clearwater Analytics’ expected valuation at its US IPO remained unclear so far, but, a Bloomberg news report had unveiled on Tuesday that the company might seek a market valuation above $4 billion citing unnamed people familiar with the issue.