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Qualtrics IPO Surges Up 52%

February 1, 2021

Qualtrics, the leader in customer experience and creator of the experience management category, priced its initial public offering of 51,695,568 shares of its Class A common stock at a price to the public of $30.00 per share.

Qualtrics rocketed up 52% to $45.50 in its first day of trading.

The shares began trading on the Nasdaq Global Select Market under the ticker symbol XM. In addition, Qualtrics has granted the underwriters a 30-day option to purchase up to 7,754,335 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions.

Ryan Smith, 42, took the software company Qualtrics public spinning it out of SAP. Smith was ready to take Qualtrics through an IPO in late 2018, when SAP made an $8 billion offer. Now Qualtrics has a market capitalization of over $27 billion. SAP has kept most of its Qualtrics ownership stake.

 

Morgan Stanley and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, Barclays, Deutsche Bank Securities, Goldman Sachs & Co. LLC, HSBC, Citigroup, BMO Capital Markets and Truist Securities are acting as book-running managers, and Canaccord Genuity, Evercore ISI, JMP Securities, Oppenheimer & Co., Piper Sandler, Raymond James, William Blair, Loop Capital Markets, Ramirez & Co., Inc. and R. Seelaus & Co., LLC are acting as co-managers for the offering.

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