Customer experience management software company Qualtrics closed its first day of trading at $45.50, more than 51 percent above its IPO price.
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The company raised $1.55 billion through its IPO, making it the largest public debut of a Utah-based company. The amount raised by Qualtrics is more than double the amount raised by the second-largest IPO in Utah history, EnergySolutions’ $690 million IPO in 2007.
Ultimately pricing its shares at $30, above its set range, the company set a price range of between $20 to $24 before increasing it to between $22 and $26, and finally between $27 and $29. The company’s stock opened at $41.85 on Thursday, about 40 percent above its IPO price.
Qualtrics’ software helps companies measure employee, customer and product experience. It was founded in 2002 and has headquarters in Provo and Seattle.
The IPO sets Qualtrics’ valuation at more than $15 billion, meaning it brought a substantial return to SAP, which acquired the company for $8 billion in 2018 right before its planned IPO.
Qualtrics originally raised more than $400 million in funding as a startup from investors including Accel and Sequoia Capital. Its last fundraise was a $180 million Series C round led by Accel and Insight Partners in April 2017, according to Crunchbase. The company first raised venture capital after being around for about a decade, with a $70 million Series A in May 2012.
Illustration: Li-Anne Dias
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