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Sprinklr – Software startup targets $5 billion valuations in U.S. IPO

According to Reuters, on Monday, Sprinklr, a Software startup, said it was planning to raise $380 million through IPO, a U.S. initial public offering, targeting a valuation of around $5 billion.

This company, whose customers include McDonald’s Corp and Microsoft Corp, said it planned to sell around 19 million shares priced between $19 and $20 per share.

Sprinklr began to function in 2009 in a bedroom of a founder and Chief Executive Officer Ragy Thomas in New Jersey. After that, it provides software helping its clients with advertising, marketing, and customer engagement.

The company’s revenue experienced a rise of 19% to $111 million in the three months ended April 2021. However, its net loss widened to $14.8 million from $11.3 million at this time.

The company applied its shares to the New York Stock Exchange list under the symbol – CXM.

In March, it submitted some paperwork to U.S. regulators for the IPO.

J.P. Morgan, Morgan Stanley, Citigroup, Wells Fargo Securities, and Barclays are the lead underwriters.

More details from Reuters 

Sprinklr has customers such as telecom operator Verizon Communication Inc and Microsoft Corp. On Monday, the software company said that it confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.

As we have already mentioned, the New York-based company provides software that helps its users with advertising, marketing, and customer engagement. Sprinklr, which was founded in 2009, is led by Chief Executive Officer and founder Ragy Thomas.

The company said that they had not determined the size of the offering yet. 

Last year in September, the company raised around $200 million from private equity company Hellman & Friedman. As a result, it brought its valuation to around $2.7 billion. ICONIQ Capital and Singapore-based investment company Temasek have also invested in this startup.

The data from Refinitiv showed that more than 60 operating companies were listed this year to oppose the backdrop of a boom in IPOs.

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