OneStream, which provides enterprise software for financial and operational management, announced terms for its IPO on Monday.
The Birmingham, MI-based company plans to raise $441 million by offering 24.5 million shares (26% secondary, 74% synthetic secondary) at a price range of $17 to $19. Certain cornerstone investors intend to purchase 15% of the shares in the offering. At the midpoint of the proposed range, OneStream would command a fully diluted market value of $4.4 billion.
OneStream offers a platform that unifies core financial and broader operational data and processes within a single space, with solutions that maintain the integrity of corporate reporting standards for finance while providing operationally significant insights for business users. Its client base includes global enterprises, mid-market organizations, and government entities, and as of March 31, 2024, it had over 1,400 customers across a variety of industries, including industrials, healthcare, and consumer.
OneStream was founded in 2012 and booked $406 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol OS. Morgan Stanley, J.P. Morgan, KKR, BofA Securities, Citi, Guggenheim Securities, Raymond James, Scotia Capital, Truist Securities, BTIG, Needham & Co., Piper Sandler, TD Cowen, Nomura Securities, and WR Securities are the joint bookrunners on the deal. It is expected to price during the week of July 22, 2024.
