Provider of technology services including educational, survey, human resource, and market research software Qualtrics International Inc. announced having filed for an initial public offering in the United States.
Qualtrics is owned by business software group SAP Inc. (SAP), the company is betting on how technology stocks have been outperforming the broader financial markets this year despite the tough times the world has been undergoing courtesy of the pandemic.
SAP acquired Qualtrics two years ago in a deal worth $8 billion.
Citing a regulatory filing, after the IPO Qualtrics will have two classes of common shares namely class A and Class B shares. SAP America Inc. will own entire 423.2 million Class B shares.
Additionally SAP will also remain the controlling stakeholder.
Qualtrics have applied to list its class A common shares on Nasdaq Global Select Market under the ticker symbol ‘XM’. The company is looking forward to have a IPO price of between $20 to $24 per share.
The company has selected JPMorgan Chase (JPM) and Morgan Stanley (MS) to serve as its lead underwriters in its upcoming IPO.
Total revenue for the company for the nine month period ending September 30 was $550 million representing a 32% increase compared to what the company posted a year earlier in a similar period.