Sprinklr Announces Pricing of Initial Public Offering

Rhea-AI Summary

Sprinklr announced the pricing of its initial public offering (IPO) at $16.00 per share for 16,625,000 shares. The shares will begin trading on the New York Stock Exchange under the symbol CXM on June 23, 2021, with the offering closing on June 25, 2021, pending customary conditions. Notably, existing stockholders, including its CEO and entities associated with Hellman & Friedman, will acquire 3,125,000 shares. The offering includes a 30-day option for underwriters to purchase an additional 1,662,500 shares.

Positive

• The IPO pricing at $16.00 per share indicates strong investor interest.
• The participation of well-known existing stockholders (CEO, Hellman & Friedman) may instill confidence in potential investors.
• The offering is set to raise significant capital for future growth and expansion.

Negative

• The potential dilution of shares if underwriters exercise their option for additional stock.
• Market uncertainty surrounding the company’s performance post-IPO may affect stock prices.

NEW YORK, June 22, 2021 /PRNewswire/ -- Sprinklr, the unified customer experience management (Unified-CXM) platform for modern enterprises, today announced the pricing of its initial public offering of its Class A common stock at a price of $16.00 per share. Sprinklr is offering 16,625,000 shares of its Class A common stock.

In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,662,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on June 23, 2021 under the symbol "CXM," and the offering is expected to close on June 25, 2021, subject to customary closing conditions.

In connection with and subject to completion of this offering, certain existing stockholders, including our Founder, Chairman and Chief Executive Officer and entities affiliated with Hellman & Friedman LLC, Battery Ventures and ICONIQ Strategic Partners, have agreed to purchase 3,125,000 out of the 16,625,000 shares of the Class A common stock offered by Sprinklr.

Morgan Stanley, J.P. Morgan, Citigroup, Barclays, and Wells Fargo Securities are acting as lead book-running managers for the proposed offering, and JMP Securities, KeyBanc Capital Markets, Oppenheimer & Co., Stifel, William Blair, Blaylock Van, LLC, C.L. King & Associates, Ramirez & Co., Inc and Roberts & Ryan are acting as co-managers for the offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on June 22, 2021. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from:: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146, or by email at prospectus@citi.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sprinklr
Sprinklr is the unified platform for all customer-facing functions. We call it unified customer experience management (Unified-CXM). We help companies deliver human experiences to every customer, every time, across any modern channel, at a once impossible scale. Headquartered in New York City with over 2,400 employees globally, Sprinklr works with more than 1,000 of the world's most valuable enterprises — global brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.  

Media Contacts
Sprinklr
PR@Sprinklr.com

Brunswick Group
sprinklr@brunswickgroup.com

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SOURCE Sprinklr

FAQ

What is the IPO price for Sprinklr's stock (CXM)?

Sprinklr's IPO price is set at $16.00 per share.

When will Sprinklr's shares start trading?

Sprinklr's shares are expected to begin trading on the New York Stock Exchange on June 23, 2021.

How many shares is Sprinklr offering in its IPO?

Sprinklr is offering 16,625,000 shares in its initial public offering.

What are the implications of existing stockholders buying shares in the IPO?

Existing stockholders, including the CEO, purchasing shares may boost investor confidence in the company.

Is there an option for underwriters in the Sprinklr IPO?

Yes, underwriters have a 30-day option to purchase an additional 1,662,500 shares at the IPO price.