NEW YORK, July 23 (Reuters) – Financial software maker OneStream (OS.O) opens in new tab backed by private equity firm KKR (KKR.N) to launch U.S. initial public offering (IPO) The company raised $490 million Tuesday, above the indicated range, according to people familiar with the matter.
The company’s software products help organizations with tasks such as planning, budgeting and forecasting, and shareholders sold 24.5 million shares at $20 a share, said the sources, who asked not to be identified as the discussions are confidential. asked and stated.
The stock sale values OneStream at $4.6 billion. OneStream had aimed for an IPO price of $17 to $19 per share.
OneStream and KKR did not respond to requests for comment.
OneStream’s IPO represents a drop from the $6 billion valuation the company was valued at in 2021, when it raised money from investors including D1 Capital Partners and Tiger Global Management.
The U.S. IPO market is showing signs of recovery after a slowdown in the number of listings in 2022 and 2023. This year has been marked by an increase in the issuance of new shares in the stock market, with investors increasing their confidence in new stocks in hopes of a soft landing for the economy. .
On Wednesday, cold storage real estate investment trust Lineage aims to raise up to $3.85 billion in a New York IPO expected to be the largest public offering of the year.
Founded in 2010, OneStream helps chief financial officers prepare financial statements and report to regulators and investors. KKR acquired a majority stake in OneStream in 2019.
The company includes Toyota Motor Corporation (7203.T), Open in new tab UPS (UPS.N), Open in new tab News Corp. (NWSA.O), Open in new tab General Dynamics (GD.N), and more. Contains large companies. Open a new tab as a customer.
OneStream will list its stock on the Nasdaq on Wednesday under the ticker “OS.” Morgan Stanley, JPMorgan and KKR’s Capital Markets division are acting as lead managers for the offering.
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Report by Echo One in New York. Editing: Anirban Sen and Stephen Coates
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