Qualtrics is reported to be going public at a price of $30 per share, up from its previously announced range of $26 to $29 per share. It will raise the SAP spinoff’s initial value up to close to $15 billion. Qualtrics will start trading on Thursday on the Nasdaq under the symbol “XM”. SAP will retain a controlling stake.
At the least, this answers the criticism SAP ex-CEO Bill McDermott received for buying Qualtrics for $8 billion slightly more than two years ago. The IPO price is almost double the late-2018 acquisition price.
But questions remain about how this structure will motivate the Qualtrics management team to support SAP’s strategy, as opposed to pursuing separate goals.