Qualtrics CEO, and new Utah Jazz owner, Ryan Smith. Photo: Clodagh Kilcoyne/Getty Images
Qualtrics, the Utah-based experience management company being spun out of SAP (NYSE: SAP), raised $1.55 billion in its IPO.
Why it matters: SAP's bet on Qualtrics paid off big, even if the corporate structure is different than originally anticipated. The German tech giant paid $8 billion in cash for Qualtrics just two years ago, and it retains majority control with a stake now valued at $12.7 billion. Plus, it's the largest IPO ever for a Utah company.
Details: Qualtrics priced at $30 per share, above its upwardly-revised range of $27-$29, for a $15.1 billion market cap. Its original range was $22–$26. Qualtrics is using IPO proceeds, including a concurrent investment from Silver Lake, to repay debt to SAP.
The bottom line: "The enclave of Silicon Slopes tech firms clustered around the Interstate 15 corridor linking Salt Lake and Utah counties is not only a rising force in Utah's economy but has also gained in world reputation in recent years, partly due to Qualtrics’ heightened visibility." — Tony Semerad, Salt Lake Tribune