• Customer experience software maker Sprinklr Inc (NYSE: CXM) priced 16.625 million shares at $16 per share to raise $266 million in its initial public offering (IPO).

  • The IPO was previously marketed at $18 – $20 per share, Bloomberg reported. The company also slashed the number of shares sold.

  • The current offer price values the IPO at $4 billion.

  • Sprinklr was last valued at $2.7 billion when it raised financing in 2020.

  • The underwriters have a 30-day option to purchase additional shares up to 1.66 million.

  • The shares will begin trading on the NYSE from today under the symbol "CXM."

  • Certain existing stockholders, including the Founder, Chairman, CEO, and entities affiliated with Hellman & Friedman LLC, Battery Ventures, and ICONIQ Strategic Partners, have agreed to purchase 3.125 million out of the 16.625 million shares offered by Sprinklr.

  • Morgan Stanley (NYSE: MS), JPMorgan Chase & Co (NYSE: JPM), Barclays PLC (NYSE: BCS), and Wells Fargo & Co (NYSE: WFC) led the IPO.

  • Sprinklr works with clients like Microsoft Corp (NASDAQ: MSFT), McDonald's Corp (NYSE: MCD), and Cisco Systems Inc (NASDAQ: CSCO) to help brands interact with customers online. The software offerings include social media management, social advertising, and content marketing.

  • Sprinklr's top investors include Hellman & Friedman, Battery Ventures, and Iconiq Strategic Partners, which together will control over half of the shareholder voting power after the IPO.

  • Sprinklr reported $387 million in revenue for the year ended Jan. 31, growing 19.4% year-on-year. The net loss rose 5.1% Y/Y to $41 million.

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