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Qualtrics ready to break off from SAP to IPOINTL

Qualtrics ready to break off from SAP to IPO

Qualtrics (also known as one of SurveyMonkey’s rivals) is reportedly gearing up to raise the price range of its upcoming IPO, which could put its market cap value at over $15b. The software company, which tracks employee and customer sentiment, was bought by SAP (SAP) for $8b recently but is now preparing to spin out and become its own public entity.

The company’s initial IPO filing set the price range between $22 and $26 per share, which many at the time considered rather low. With the new $27-29 price range adjustment, Qualtrics could raise as much as $1.5b when it debuts.

SAP will still remain its largest shareholder with an 80% stake. And incase you’re unaware, SAP is a tech giant that develops software for companies across different industries.

why it matters
If everything goes well, Qualtrics is positioned to be the largest IPO to come out of Utah, where the startup and tech scene is flourishing. Just last year, venture-backed firms in the state, such as Snowflake, raised a total investment of $1.2b.