Software startup Sprinklr is looking to target a $5 billion valuation through its Initial Public Offering (IPO) on the New York Stock Exchange, the company revealed on Monday. The company is determined to raise up to $380 million in its efforts.
With high-profile customers including the likes of Microsoft Corp and McDonald’s Corp, the New York City-based company stated that it intends to sell 19 million shares, priced in the range of $18 to $20 each.
Sprinklr has come a long way since its founding in 2009 when it was run out of the spare bedroom of founder and Chief Executive Officer Ragy Thomas’ New Jersey home. Now, the business is a marketing, advertising, and customer engagement specialist.
During the quarter that ended April 30, 2021, Sprinklr reported a sales revenue of $111 million, a 19% rise from the previous quarter. On the downside, the company experienced a rise in losses as well, from $11.2 million to $14.7 million.
With Morgan Stanley, J.P. Morgan, Citigroup, Barclays, and Wells Fargo Securities as lead underwriters in its offering, Sprinklr submitted paperwork to U.S. regulators for the IPO in March. The company has applied to list its shares under the ticker symbol “CXM”.
