Software firm OneStream’s IPO raises $659 million, kicking off busy week for US listings
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Software firm OneStream’s shares are set to begin trading on July 24 on the Nasdaq Global Select Market under the symbol OS.
PHOTO: REUTERS
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NEW YORK – OneStream and a group of shareholders including KKR & Co raised about US$490 million (S$659 million) in a US initial public offering (IPO), pricing its shares above a marketed range, according to people familiar with the matter.
The software company and its shareholders sold 24.5 million shares on July 23 for US$20 apiece, the people said, asking not to be identified as the information is private. OneStream marketed the shares for US$17 to US$19 each.
A representative for OneStream declined to comment.
OneStream, which offers a cloud-based platform with more than 90 applications including accounting and budgeting, was marketing 18.1 million shares, and the shareholders were selling 6.4 million shares.
At US$20 a share, OneStream would have a market value of around US$4.6 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Funds and accounts advised by T. Rowe Price Investment Management have indicated interest in purchasing as much as 15 per cent of the base offering at the IPO price, the filings show.
US IPOs are set for the busiest week since September, led by cold storage firm Lineage’s up to US$3.85 billion first-time share sale. IPOs on US exchanges have raised more than US$22 billion in 2024, up more than 60 per cent from the same period in 2023, though the figure remains below the pre-pandemic average.
OneStream had a net loss of US$29 million on revenue of US$375 million in 2023, compared with a loss of more than US$65 million on revenue of US$279 million in 2022, the filings show.
In addition to KKR, the company’s largest investors include an entity controlled by Mr Robert Powers, chief technical officer and a director of OneStream, according to the filings.
The Birmingham, Michigan-based company, which makes software that’s used by chief financial officers and finance teams broadly, also counts Tidemark, Partners Fund Capital and Alkeon Capital Management as investors, according to its website. In 2021, it raised capital at a US$6 billion valuation from backers including D1 Capital Partners and Tiger Global.
OneStream had 1,423 customers as of March 31, including Autoliv and Ingram Micro, and over 75 members of the Fortune 500, according to its filings.
The IPO is being led by Morgan Stanley, JPMorgan Chase & Co and KKR’s capital markets arm. Bank of America, Citigroup and Guggenheim Securities are also on the offering.
The company’s shares are set to begin trading on July 24 on the Nasdaq Global Select Market under the symbol OS. BLOOMBERG
