Sprinklr aims $5 billion valuation in U.S. IPO
By MYBRANDBOOK
Sprinklr has said that 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 has customers like Microsoft Corp and McDonald's Corp. It said in a regulatory filing, that it planned to sell 19 million shares priced between $18 and $20 per share.
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.
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 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.
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