PE-backed Sprinklr targets $5 billion valuation in U.S. IPO

Software startup Sprinklr, backed by private-equity firm Hellman & Friedman, said on Monday 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. 

The company, whose customers include Microsoft Corp and McDonald’s Corp, said in a regulatory filing it planned to sell 19 million shares priced between $18 and $20 per share.

Sprinklr, which began in 2009 in a spare bedroom in founder and Chief Executive Officer Ragy Thomas’s house in New Jersey, provides software that helps its clients with marketing, advertising and customer engagement.

The company’s revenue rose 19% to $111 million in the three months ended April 30, 2021. Its net loss, however, widened to $14.7 million from $11.2 million in the period.

The company 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.

Source: Reuters