Home » Sprinklr shares soar 11% in trading debut after downsizing IPO and pricing below range
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Sprinklr shares soar 11% in trading debut after downsizing IPO and pricing below range

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Sprinklr Inc.’s shares
CXM,
+13.13%
rose 11% in their trading debut Wednesday, after the company’s downsized initial public offering priced below the expected range, lowering what the customer-experience software company raised to $266 million from a previous expectation of up to $380 million. The company said overnight that it sold 16.625 million shares in the IPO which priced at $16 a share, compared with a previous expectation of an offering of 19.000 million shares to price between $18 and $20 a share. At the IPO pricing, Sprinklr was valued at $4.01 billion. The stock is trading on the NYSE under the ticker symbol “CXW.” Morgan Stanley, J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities were the lead book-running managers. The company recorded a net loss of $41.8 million on revenue of $386.9 million for the fiscal year ended Jan. 31, after a loss of $39.1 million on revenue of $324.3 million the year before. The company is going public at a time that the Renaissance IPO ETF
IPO,
+1.12%
has gained 3.5 over the past three months while the S&P 500
SPX,
+0.12%
has advanced 8.6%.

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Julia Mangels

Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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