Reuters Surveysoftware 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 realtime feedback from customers to help analyse how a firms 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