Qualtrics International, an experience management software provider being spun out of SAP, is expected to raise $1.6 billion in a further upsized IPO by offering 51.7 million shares at an anticipated $30, above the upwardly revised range of $27 to $29. The company originally planned to offer 49.2 million shares at $22 to $26 before increasing the range and shares offered to 50.4 million on Monday. At pricing, Qualtrics commands a fully diluted market cap of $15.6 million, 24% higher than originally anticipated.
Qualtrics International is expected to begin trading on the Nasdaq under the symbol XM today. Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, Deutsche Bank, Goldman Sachs, HSBC, Citi, BMO Capital Markets and Truist Securities acted as lead managers on the deal.
