Qualtrics raises IPO pricing ahead of debut

This morning, Qualtrics, a software company that tracks customer and employee sentiment, filed a . The new filing raises Qualtrics’ expected IPO price range, providing the Utah-based unicorn with a higher potential valuation in its impending debut.


Qualtrics previously for $8 billion while on the path to going public; after a time inside the larger software company, Qualtrics announced it would spin out as its own public company. TechCrunch previously explored the and its .


At the time, we described it as just that: Qualtrics’ first IPO price range. We expected the company to raise its targets. Why? At its initial $22 to $26 per-share price range, it simply felt undervalued compared to current-market analogs and benchmarks.


Let’s talk about its new price range.


Pricing


Qualtrics is a SaaS company that is growing at a moderate clip and is nearly break-even if you remove the cost of share-based compensation. And at a run rate of around $800 million in its most recent quarter, it’s a large firm.


So it’s not just another fast-growing SaaS firm that’s crested $100 million in ARR that is still running stiff deficits, it’s a different beast. That makes the effort to triangulate its valuation all the more fun.


At its new interval and with some minor share-count tweaks detailed in its new filing, Qualtrics will raise as much as $1.68 billion in its debut, a figure that is exclusive of some transactions associated with the IPO.


With its new $27 to $29 per-share IPO price range, Qualtrics is shooting a little bit higher than before. But before we get too sure that the company is being conservative, let’s get some new valuation numbers: