backed OneStream seeks $4.38 bln valuation in US IPO
Recasts lede, Adds details about company throughout
July 15 (Reuters) -OneStream Software, which is backed by private equity firm KKR KKR.N, is targeting a valuation of about $4.38 billion in its U.S. initial public offering.
The software firm and its selling shareholders aim tosell 24.5 million shares, priced between $17 and $19 each, to raise up to $465.5 million, according to a filing on Monday.
The U.S. IPO market has shown signs of promise in 2024, marked by a rise in listings as investors grow more confident in new offerings in the hopes of a soft landing for the economy.
The target valuation for its public float is significantly lower than the $6 billion valuation it had in 2021 when OneStream raised funding from investors, including D1 Capital Partners and Tiger Global Management.
Founded in2010, OneStream helps CFOs prepare and report financial statements to regulators and investors. According toits website, the company also assists organizationswith planning, budgeting and forecasting.
The company has over 1400 customers across the globe including Toyota Motor 7203.T, UPSUPS.N, News Corp NWSA.O and General Dynamics GD.N.
KKR acquireda majority stake in OneStream in 2019, valuing the company at over $1 billion.
OneStream, which willlist its shares on Nasdaq under the ticker symbol "OS", said the funds from the IPO will be used to increase capitalization and financial flexibility.
Morgan Stanley, J.P. Morgan and KKR are the lead underwriters of the offering.
Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid
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