Make Kitco Your Homepage

Software startup Sprinklr targets $5 bln valuation in U.S. IPO

Kitco News

June 14 (Reuters) - Software startup Sprinklr 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. (Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.