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SAP SE (NYSE: SAP) Chief Executive Christian Klein told CNBC in an interview that its enterprise software unit spin off
Qualtrics International Inc (NASDAQ: XM) is “massively oversubscribed.”
Qualtrics could raise $1.46 billion from the IPO at a $14.6 billion valuation. It was upsized twice from a planned range of $20 to $24 to an eventually offered range of $27 to $29, as per Barron’s.
SAP had acquired Qualtrics for $8 billion in November 2018 and offered to list the entity as a separate public unit in just 18 months from acquisition.
Klein said that SAP has doubled Qualtrics revenue since acquisition with SAP’s huge customer base and aims for Qualtrics to “penetrate the market outside of our customer base.”