Two IPOs are hitting the market today: Qualtrics, and Ortho Clinical Diagnostics
Full day ahead for the markets, as two companies are ready to become public. IPOs have once again taken center stage, and increased investor appetite has seen the Renaissance IPO ETF skyrocket 106.76% between Jan 2020 and Jan 2021.
The Utah-based software company is prepared to go public, by offering 50.4 million shares which prices range from $27 to $29 apiece. If everything goes smoothly, Qualtrics will reach a market valuation of nearly $15 billion, significantly higher than its first IPO in November 2018 – when it had a market cap of $4.3 billion.
The IPO proceeds will be used to pay the $1.76 billion debt owed to SAP America – the company which in 2018 bought it for $8 billion.
Ortho Clinical Diagnostics
The global leader of in vitro diagnostics and a pioneer in innovative laboratory testing and blood-typing solutions will go public today under the symbol OCDX on the Nasdaq Global Select Market.
Ortho will make available for purchase 76 million shares priced at $17 each, with the gross proceeds expected to reach $1,292 million. The net proceeds from the IPO will be used to repay various borrowings made under its dollar term loan facility, and for general corporate purposes, along with working capital.
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Sources: bloomberg.com, prnewswire.com, investors.com
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