Shearman And Sterling

News February 01, 2021

Qualtrics’ $1.55 Billion Carve Out IPO from SAP

Shearman & Sterling advised SAP SE and Qualtrics International Inc. in the carve out of Qualtrics from SAP, consisting of Qualtrics’ initial public offering of 51.7 million shares priced at $30 per share, raising $1.55 billion, concurrent $550 million private placement with Silver Lake Partners, concurrent $120 million private placement with an affiliate of Qualtrics founder Ryan Smith, and equity exchange offering of SAP-linked equity awards for Qualtrics-linked equity awards for applicable Qualtrics employees. Qualtrics shares are trading on the Nasdaq Global Select Market under the symbol XM. 

Utah-based Qualtrics was acquired in early 2019 by SAP as a unit of SAP America Inc. in a transaction that was announced days before Qualtrics was set to go public. SAP will retain a majority stake in the company post-IPO.

The Team