Financial software maker OneStream soars in market debut
24/07/2024 17:25
** Shares of financial software maker OneStream OS.O surge
30% in Nasdaq debut
** KKR-backed company's stock opens for trading at $26,
valuing the company at roughly $6 bln, versus initial public
offering price of $20 each
** OS and its existing investors sold 24.5 mln shares in the
IPO to raise $490 mln; The share sale came in above its targeted
range of $17 and $19 per share
** Co was valued at $6 bln in a 2021 funding round that saw
participation from big-name investors including D1 Capital
Partners and Tiger Global Management
** Shares of OS, which helps companies prepare and report
financial statements to regulators and investors, last up ~32%
at $26.42
** OS' performance bodes well for other companies waiting to
test the IPO market as it aims to emerge out of a two-year slump
** Cold storage real estate investment trust Lineage is
aiming to raise up to $3.85 bln in its New York IPO later on
Wednesday, in what is expected to be the biggest listing of the
year
** Morgan Stanley, J.P. Morgan and KKR's capital markets
unit are the lead underwriters of OneStream's offering
(Reporting by Manya Saini in Bengaluru)
((Manya.Saini@thomsonreuters.com))