Benzinga | Jan 28, 2021 01:16PM EST

Qualtrics Raises $1.55 Billion By Pricing Upsized IPO At $30

* Qualtrics has priced 51.7 million shares at $30 per share in an upsized initial public offering (IPO), raking $1.55 billion.

* The offering was upsized twice, from the initial range of $20 to $24, raised to $27 and $29. It is a spin-off from German enterprise software service provider SAP SE (NYSE:SAP).

* Yesterday, SAP CEO Christian Klein told CNBC in an interview that its enterprise software unit spin-off Qualtrics International Inc (NASDAQ: XM) is "massively oversubscribed."

* The share sale will close on February 1, 2021, and the shares will trade on the Nasdaq under the ticker symbol "XM."

* Qualtrics has granted the underwriters a 30-day option to purchase up to 7.75 million additional shares.

* SAP intends to use the proceeds towards debt repayment worth $1.76 billion.

* Morgan Stanley and J.P. Morgan are the lead book-running managers for the offering.

* Price Action: SAP shares are down 0.37% at $131.70 on the last check Thursday.