Welsh Carson-backed Clearwater Analytics valued at over $5 bln in market debut (updated)

Amerisafe

24/09/2021 16:32

(Adds IPO details, background)
    Sept 24 (Reuters) - Clearwater Analytics Holdings Inc's
 CWAN.N  shares opened about 32% higher than their initial
public offering price (IPO) in market debut on Friday, giving
the software company a valuation of nearly $5.5 billion.
    Shares of the company, which makes software that helps
enterprises manage their investment portfolios and is backed by
buyout firm Welsh, Carson, Anderson & Stowe, opened at $23.75,
compared with the IPO price of $18 per share. 
    The debut comes in a week filled with strong public listings
of technology companies, including restaurant software provider
Toast Inc  TOST.N , enterprise software firm Freshworks Inc
 FRSH.O  and remittance processor Remitly Global Inc  RELY.O .
    Reuters reported https://www.reuters.com/article/us-clearwater-m-a-idUSKCN2502K7
 last year that Clearwater, which counts private equity firms
Permira and Warburg Pincus among its investors, was exploring
strategic options, besides an IPO, including the sale of the
company for around $2 billion.
    Boise, Idaho-based Clearwater raised $540 million in its IPO
 on Thursday by selling 30 million shares of its Class A common
stock. The IPO was priced above an earlier targeted price range
of $14 to $16 per share. 
    Goldman Sachs, J.P. Morgan and Morgan Stanley were the lead
bookrunners for the offering.

 (Reporting by Sohini Podder in Bengaluru; Editing by Shinjini
Ganguli)
 ((Sohini.Podder@thomsonreuters.com;))