(Reuters) – Survey-software seller Qualtrics International Inc, owned by business software group SAP, filed for a U.S. initial public offering of up to $100 million on Monday, with tech stocks largely outperforming the broader market this year.
Qualtrics, which SAP bought for $8 billion two years ago, will have two classes of common stock upon completion of the offering, with SAP America Inc set to own all 423.2 million Class B shares and remain the controlling shareholder, according to a regulatory filing.
The company also said it had 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.
Total revenue of Qualtrics, which gathers real-time feedback from customers to help analyse how a firm’s products or services are performing, rose about 32% to $550 million in the nine months ended Sept. 30.
Net loss also narrowed to $258 million during the period from $860.4 million a year earlier, as existing customers bought upgrades and as Qualtrics acquired new customers.
Morgan Stanley and J.P. Morgan are the lead underwriters for the offering.
Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri