Qualtrics CEO Ryan Smith. Photo by Clodagh Kilcoyne/Getty Images.

Qualtrics, a Provo, Utah-based maker of enterprise survey software, set IPO terms to 20.5 million shares at $18-$21.

Why it's a big deal: Not only is this around twice the $200 million that Qualtrics originally filed to raise, but also could double the $2.5 billion valuation that it received in its most recent round of venture capital funding.

  • Qualtrics CEO Ryan Smith in July 2015: "Congratulating me for raising VC is like congratulating someone for taking out a mortgage."

Qualtrics plans to trade on the Nasdaq (XM) with Morgan Stanley as lead underwriter, and reports $1.5 million of net income on $290 million in revenue for the first nine months of 2018. It has raised around $450 million in venture capital, from firms like Accel, Insight Venture Partners and Sequoia Capital.

Bottom line from Gary Alexander, via Seeking Alpha:

"The company began as an academia-focused software solution, focused on university researchers to aid in collecting responses to various experiences and tests. As Qualtrics grew, however, it took its original mold and applied its survey-oriented tools for corporate use, which enables companies to gather data from customers, employees, and partners."

Go deeper

13 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
14 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.