Skip to Content
Global News Select

SAP's Qualtrics International Boosts Size, Expected Price Range of IPO

By Colin Kellaher

 

Qualtrics International Inc. on Monday raised the size and expected price range of its initial public offering.

The Provo, Utah, customer-relationship-management software vendor owned by Germany's SAP SE said it now plans to sell about 50.4 million shares at between $27 and $29 apiece in the IPO, up from prior plans to offer roughly 49.2 million shares at between $22 and $26 each.

At the $28 midpoint of the new range, Qualtrics said it expects net proceeds of about $1.33 billion, or roughly $1.535 billion if the underwriters exercise an option to buy an additional 7.56 million shares.

In a filing with the U.S. Securities and Exchange Commission, Qualtrics said it would have roughly 510.2 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a market capitalization of about $14.3 billion at the new $28-a-share midpoint.

SAP, which in late 2018 agreed to buy Qualtrics for about $8 billion, will still hold 98% voting power after the IPO.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

January 25, 2021 09:28 ET (14:28 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.