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

Customer experience software maker Sprinklr Inc 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 MS, JPMorgan Chase & Co JPM, Barclays PLC BCS, and Wells Fargo & Co WFC led the IPO.
Sprinklr works with clients like Microsoft Corp MSFT, McDonald's Corp MCD, and Cisco Systems Inc 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.

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