SAP-owned Qualtrics International Inc, a seller of surveying software has filed for a U.S. initial public offering of up to $100 million. Tech stocks have largely outperformed the broader market this year.
SAP had acquired Qualtrics two years ago for $8 billion.
According to a regulatory filing the IPO will have two classes of common stock after completing the IPO, with SAP America Inc set to own all 423.2 million Class B shares and remain the controlling shareholder.
Qualtrics has also applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “XM” and expects the IPO price to be between $20 and $24 apiece.
As of the end of September 30, Qualtrics reported a total revenue of $550 million, which saw a rise of 32%, compared to the same period from a year ago. Qualtrics gathers real-time feedback from customers to help analyse how a firm’s products or services are performing.
During this 9 month period, its net loss has narrowed to $258 million, down from $860.4 million a year ago.
Morgan Stanley and J.P. Morgan are the lead underwriters for the offering.
