Cloud software vendor Qualtrics soared in its Nasdaq debut Thursday after the company priced its IPO above the expected range…
The stock, trading under the ticker symbol “XM,” opened at $41.85 per share, representing a 40% pop. Qualtrics had priced its shares at $30 a piece, just above its target range of $27 to $29 per share. The company sold about 51.7 million shares.
Based on its opening price, Qualtrics is valued at about $25 billion.
Founded in 2002, Qualtrics sells software that helps businesses gauge how customers use their products so they can improve their offerings. The company is taking advantage of surging demand for high-growth cloud software companies amid the coronavirus pandemic. The Nasdaq jumped 1.6% on Thursday and is trading near a record after climbing 46% in the past year.
Qualtrics originally planned to go public about two years ago, but instead was acquired by SAP for $8 billion. At the time, it was SAP’s second-biggest acquisition ever, following the $8.3 billion purchase of travel and expense software company Concur in 2014.
SAP announced last July that it would spin out Qualtrics while keeping…
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