Software startupSprinklr, which began in 2009 in a spare bedroom in founder and Chief Executive Officer Ragy Thomas’s house in New Jersey, said on June 14, 2021, that it was looking to raise as much as $380 million through a U.S. initial public offering (IPO), targeting a valuation of about $5 billion.
Sprinklr, which has Microsoft Corp (MSFT.O) and McDonald’s Corp (MCD.N) as clients, provides software that helps with marketing, advertising, and customer engagement, said in a regulatory filing it planned to sell 19 million shares priced between $18 and $20 per share.
Company to offer 19 million shares
Backed by private equity firm Hellman and Friedman, the software company plans to offer 19 million shares at $18 to $20 each. The stock will trade under the ticker CXM on the New York Stock Exchange. The New York-based company is scheduled to price its deal on June 22 and trade the next day, a source said. At $20 a share, Sprinklr’s valuation can reach $5 billion.
It was valued at $2.7 billion after raising $200 million from private equity firm Hellman and Friedman in September last year. Sprinklr also counts Singapore-based investment firm Temasek, Battery Ventures, and ICONIQ Capital among its backers.
The company’s revenue rose 19 percent to $111 million in the three months ending April 30, 2021. Its net loss, however, widened to $14.7 million from $11.2 million in the same period. Sprinklr has applied to list its shares on the New York Stock Exchange under the ticker symbol “CXM.” It confidentially submitted paperwork to U.S. regulators for the IPO in March. Morgan Stanley, J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities are the lead underwriters for the offering.
Founded in 2009, Sprinklr provides a customer-experience management platform that assists companies in managing their digital identities—in advertising, marketing, research and social media. The company has 1,021 customers and around 2,469 employees.