Qualtrics raises IPO price, set to go public next week

Courtesy of Qualtrics

(Courtesy of Qualtrics)

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PROVO — Tech giant Qualtrics is expected to go public next week with a higher price offering than initially set when the company first filed its S-1 form with the SEC last month, according to Nasdaq.

The company's IPO price is expected to now be $22-$26 per share, as opposed to its original estimation of $20-24 per share. Qualtrics' original valuation was around $12 billion to $14.4 billion before its IPO share price went up.

The company will trade under the stock ticker "XM," named after its Experience Management category.

The Provo-based tech company became one of the largest companies in Utah's Silicon Slopes and earned its coveted unicorn status after reaching a more than $1 billion valuation before going public.

Qualtrics was founded in Provo in 2002 and was initially conceived as an online survey and questionnaire tool for anyone to conduct market research. Now, it's evolved into an analytical platform that helps businesses assess performance with clients and employees.

Co-founder and executive chairman Ryan Smith recently purchased the NBA's Utah Jazz and Vivint Arena from the Larry H. Miller Group of Companies and it's expected Smith will be the largest individual shareholder of Qualtrics with a $120 million investment that amounts to about 1% of the company.

Qualtrics was previously set to go public a few years ago but was instead bought by German software company SAP weeks before its original IPO date. Qualtrics' initial public offering will be on Jan. 28, according to Nasdaq.

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Lauren Bennett is a reporter with KSL.com who covers Utah’s religious community and the growing tech sector in the Beehive State.


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