Woori BMO Group Comments On SAP-Backed Qualtrics Boosting Deal Size to Raise $1.5 Billion in IPO



*TORONTO, ON / ACCESSWIRE / January 26, 2021 / *Woori BMO Group has today commented on SAP-backed experience management firm Qualtrics International Inc. as it seeks to raise as much as $1.46 billion in an initial public offering after increasing the initial price range.

"Qualtrics plans to sell 50.4 million shares at $27 to $29 each. The company had previously filed to sell 49.2 million at $22 to $26 each, which was already higher than its initial range of $20 to $24," commented Andrew Williams, Director of Institutional Equity at Woori BMO Group. "Based on the number of its outstanding shares, Qualtrics would have a market capitalization of $14.6 billion at the top end of the new range," he added.

The booming IPO market has investors craving for more. According to researchers at Woori BMO Group, in the past year, with the exception of special purpose acquisition companies and trusts, U.S. IPO's have traded up over 93% on a weighted-average basis. Other technology listings, including Snowflake Inc. and Unity Software Inc., have outperformed the broader market.

Qualtrics' return to the public market signals a shift in SAP's direction under Chief Executive Officer Christian Klein, who secured the top job in April. In November 2018, SAP agreed to pay $8 billion for Qualtrics in its biggest-ever deal. This was part of a broader plan to compete with competitors including Salesforce.com Inc.

"Qualtrics will use most of the IPO proceeds to repay $1.76 billion of debt which they owe to their parent, SAP America, while the remainder will be used for working capital and other general corporate costs. After the listing, SAP will remain the controlling shareholder of Qualtrics," commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group.

The offering is being led by Morgan Stanley and JPMorgan Chase & Co. Qualtrics is expected to start trading under the ticker XM on the Nasdaq Global Select Market on Thursday.

*About Woori BMO Group*

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

*Media Contact:*

Company: Woori BMO Group
Contact: Mr. Shinsato Masao, Chief Economist
Telephone: +1-647-946-8880
Email: shinsato.masao@wbginternational.com
Address: 25F Exchange Tower, 130 King Street West, Toronto, ON, Canada M5X 1E3

*SOURCE: *Woori BMO Group
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