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  • Thursday, April 25, 2024

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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