SAP’s Qualtrics Subsidiary Raises IPO Target

An updated Securities and Exchange Commission filing by Qualtrics International, which is close to spinning off from its parent organization SAP (NYSE: SAP), says the survey software vendor now aims to raise $1.46 billion in its initial public offering through the sale of 50.4 million shares at $27 to $29 each, Bloomberg reported Monday.

Bloomberg estimates the new IPO target will give Qualtrics a potential $14.6 billion market cap.

The software provider, which previously wanted to sell 49.2 million shares at a price range of between $22 and $26, will use IPO proceeds to pay down $1.76 billion in debt to SAP’s American segment, the report added.

Qualtrics could begin trading Thursday on Nasdaq under the “XM” ticker symbol.

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