IPO Roundup: Qualtrics International and Tinder rival Bumble look at the devil in the details as they weigh IPOs
Tinder rival Bumble and Utah-based software startup Qualtrics International are poring over the devil in the details as they size up the market appetite for initial public offerings.
Andrey Andreev, majority holder of Bumble’s parent company, is reportedly talking to banks including JPMorgan Chase & Co about a possible Nasdaq listing. Bloomberg reported that an IPO in Bumble could value the millennial-focused dating app at $1.1 billion, below the $1.5 billion figure it was reportedly seeking in January, according to calculations by Synovus Trust senior portfolio manager Dan Morgan.
Bloomberg Intelligence analyst Sean Handrahan expects a public valuation of $1.1 to $1.5 billion-plus, excluding any discount for IPO investors.
IPO Roundup: Bumble, Elastic, Y-mAbs Therapeutics to tap the capital markets, while Dell reviews its options
Bumble may be trying to get a strong investor toehold ahead of Facebook Inc’s (NASDAQ:FB) possible launch of a dating service which would make it an immediate powerhouse in the market for online romance. Bumble and Tinder both face a threat from Facebook, which is now testing its in-app dating features with its Colombian users. The social media giant hasn’t indicated a US launch date for a possible launch.
Meanwhile, Qualtrics International, a Utah-based software startup, plans to raise as much as $495 million when it lists on the tech-laden Nasdaq during the week of November 12.
Qualtrics, which sells software to analyze and improve software user experiences, announced terms Monday for its IPO. It plans to offer 20.5 million shares at $18 to $21 and another 3.1 million shares to its underwriters. At that price range, Qualtrics could raise anywhere between $424 million to $495 million in its IPO.
At the midpoint of that price range, Qualtrics would be valued at about $4.8 billion, nearly double its last private market valuation of $2.5 billion. Last year, Qualtrics was valued at $2.5 billion when it raised about $400 million in venture capital funding.
“This means that there’s a very real possibility that Qualtrics will see its valuation double the very moment it goes public,” reported the Business Insider.
The company said it will trade on the Nasdaq under the ticker symbol “XM” which is a reference to the “experience management” software it sells.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/208662/ipo-roundup-qualtrics-international-and-tinder-rival-bumble-look-at-the-devil-in-the-details-as-they-weigh-ipos-208662.html
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Whistler Blowers, Insiders
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