SAP's Qualtrics has now filed its IPO paperwork to list on the Nasdaq under the "XM" ticker.
The company expects the offering price to be between $20 and $24, which would value the company at about $12bn-14.4bn. SAP announced plans a few months ago to spin off its Qualtrics unit two years after buying the company for $8bn.
After the listing, Qualtrics will have two classes of shares. The publicly listed Class A shares are entitled to one vote each and the Class B shares get 10 votes each. SAP will own all 423,170,610 Class B shares and remain the controlling shareholder. SAP will own 80% of outstanding shares. Funds affiliated with Silver Lake Technology Management have agreed to purchase $550m or about 4% of shares in a concurrent private placement. Qualtrics co-founder Ryan Smith will pick up 1% of shares for $120m.
In the first three quarters of 2020, Qualtrics reported $550m in revenue, up 30% Y/Y.
