Software firm Sprinklr raises US$266m in downsized IPO

New York

SPRINKLR Inc, a customer experience software maker, raised US$266 million after pricing its US initial public offering below a marketed range and cutting the number of shares sold.

The company priced 16.6 million shares on Tuesday at US$16 each after marketing 19 million shares for US$18 to US$20 apiece, according to a statement.

At US$16 a share, Sprinklr has a market value of about US$4 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Sprinklr was last valued at US$2.7 billion when it raised financing last year, according to data provider PitchBook.

Sprinklr works with clients such as Microsoft Corp, McDonald's Corp and Cisco Systems Inc to help brands interact with customers online. Its software offerings include social media management, social advertising and content marketing.

Its top investors include Hellman & Friedman, Battery Ventures and Iconiq Strategic Partners, which together will control more than half of the shareholder voting power after the IPO, according to the filing.

Sprinklr had US$387 million in revenue for the year ended Jan 31, up from US$324 million during the same period the year before, according to its filings. The company had a net loss of US$41 million for the period, up from US$39 million last year.

The offering is being led by Morgan Stanley, JPMorgan Chase & Co, Barclays Plc and Wells Fargo & Co. Sprinklr's shares are expected to begin trading on Wednesday on the New York Stock Exchange. BLOOMBERG