Sprinklr priced 16.6 million shares at $16, raising $266 million. It had estimated a sale of 19 million shares at $18 to $20.
The shares opened at $14.60 and began rising around midday. At last check they were up 4.1% at $16.66.
The $16 price gives Sprinklr a market capitalization of about $4 billion based on the shares outstanding listed in its Securities and Exchange Commission filings, Bloomberg reports.
Sprinklr provides social media management, social advertising and content marketing. Its customers include Microsoft (MSFT) - Get Report, McDonald’s (MCD) - Get Report and Cisco Systems (CSCO) - Get Report.
For the year ended Jan. 31, Sprinklr posted a net loss of $41 million, widening from $39 million a year earlier. Revenue increased 19% to $387 million from $324 million.
In other software news, analysts lauded Oracle’s ORCL growth last week but expressed concern about its valuation.
Citi analysts remained neutral with an $80 price target. The quarter ended May 31 featured "accelerating back-office cloud application growth and stable infrastructure performance," they said. “But the biggest drivers of revenue upside were from lower-quality factors."
The fourth quarter showed "growth, but a less reasonable price."
Also earlier this month, several analysts cut their price targets for Coupa Software (COUP) - Get Report after the latest earnings report report for the finance-management platform raised questions about its pace of billings growth.
Morgan Stanley analysts lowered their price target to $381 from $395.