Benzinga | Jun 23, 2021 08:10AM EDT

Sprinklr Prices Downsized IPO At $16/Share, Trading Begins Today

* Customer experience software maker Sprinklr Inc (NYSE:CXM) priced 16.625 million shares at $16 per share to raise $266 million in its initial public offering (IPO).

* The IPO was previously marketed at $18 - $20 per share, Bloomberg reported. The company also slashed the number of shares sold.

* The current offer price values the IPO at $4 billion.

* Sprinklr was last valued at $2.7 billion when it raised financing in 2020.

* The underwriters have a 30-day option to purchase additional shares up to 1.66 million.

* The shares will begin trading on the NYSE from today under the symbol "CXM."

* Certain existing stockholders, including the Founder, Chairman, CEO, and entities affiliated with Hellman & Friedman LLC, Battery Ventures, and ICONIQ Strategic Partners, have agreed to purchase 3.125 million out of the 16.625 million shares offered by Sprinklr.

* Morgan Stanley (NYSE: MS), JPMorgan Chase & Co (NYSE: JPM), Barclays PLC (NYSE: BCS), and Wells Fargo & Co (NYSE: WFC) led the IPO.

* Sprinklr works with clients like Microsoft Corp (NASDAQ: MSFT), McDonald's Corp (NYSE: MCD), and Cisco Systems Inc (NASDAQ: CSCO) to help brands interact with customers online. The software offerings include social media management, social advertising, and content marketing.

* Sprinklr's top investors include Hellman & Friedman, Battery Ventures, and Iconiq Strategic Partners, which together will control over half of the shareholder voting power after the IPO.

* Sprinklr reported $387 million in revenue for the year ended Jan. 31, growing 19.4% year-on-year. The net loss rose 5.1% Y/Y to $41 million.