SAP’s subsidiary Qualtrics International Inc. files for an IPO in the U.S.

Written by: Wajeeh Khan
December 29, 2020
  • SAP’s subsidiary Qualtrics International Inc. files for an IPO in the U.S.
  • Qualtrics reports a 32% growth in total revenue to £408.12 million.
  • MYT Netherlands parent B.V also files for a U.S. IPO on Monday.

German SAP-owned Qualtrics International Inc. said late on Monday that it had filed for an IPO in the United States valued at up to £74.20 million. SAP SE (ETR: SAP) acquired the U.S. based technological services provider in 2018 for £5.94 billion.

Qualtrics reports a 32% growth in revenue to £408.12 million

The regulatory filing on Monday highlighted that SAP America Inc. will have a controlling stake in Qualtrics, owning all of its Class B shares (423.2 million) after the initial public offering. As per the company, Qualtrics also intends to have its Class A common stock listed under the symbol “XM” on the Nasdaq Global Select Market. The company forecasts to price its shares between £14.84 and £17.81 in its IPO.

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In the nine months that concluded on 30th September, Qualtrics reported a roughly 32% annualised growth in total revenue to £408.12 million. It also highlighted that its net loss during the period contracted to £191.45 million from the year-ago figure of a much broader £638.46 million.

The regulatory filing on Tuesday also named J.P Morgan and Morgan Stanley as the lead underwriters for Qualtrics’ initial public offering. In October, SAP SE reported a 4% annualised decline in Q3 revenue.  

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MYT Netherlands parent B.V files for a U.S. IPO

In separate news, MYT Netherlands parent B.V also filed for a U.S. IPO on Monday. MYT is the parent organisation of Mytheresa Group – a German online luxury retailer that primarily focuses on women’s clothing.

The IPO is valued at up to £111.31 million. MYT also highlighted on Monday that its net sales in the quarter that concluded on 30th September printed at £114.76 million that represents a 27.5% growth on a year over year basis. MYT’s subsidiary Mytheresa Group sells clothes from the largest fashion brands from across the globe, including Gucci, Prada, and Burberry.

Net income, the German online retailer added on Tuesday, came in at £8.72 million during the period versus £3.90 million of loss in the comparable quarter of last year. The company attributed the increase to the ongoing COVID-19 crisis that restricted people to their homes and accelerated a shift to online shopping this year.

According to MYT, it plans on listing the ADS (American depositary shares) under the symbol MYTE on the New York Stock Exchange. The company named J.P Morgan, Morgan Stanley, UBS Investment Bank, Credit Suisse, Cowen, and Jefferies as the lead underwriters for its U.S. initial public offering.