Qualtrics International, an experience management software provider being spun out of SAP, raised the proposed deal size for its upcoming IPO on Monday.
The Provo, UT-based company now plans to raise $1.4 billion by offering 50.4 million shares at a price range of $27 to $29. The company had previously filed to offer 49.2 million shares at a range of $22 to $26. At the midpoint of the revised range, Qualtrics International will raise 19% more in proceeds than previously anticipated.
Qualtrics believes that it has pioneered a new category of software, experience management (XM), which enables organizations to succeed in today's experience economy. The Qualtrics XM Platform allows customers to manage the "four core experiences" - customer, employee, product, and brand - on a single, connected platform. As of September 30, 2020, the Qualtrics XM Platform was used by more than 12,000 customers, including 85% of the Fortune 100.
Qualtrics International was founded in 2002 and booked $723 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol XM. Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, Deutsche Bank, Goldman Sachs, HSBC, Citi, BMO Capital Markets and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of January 25, 2021.
