OneStream Software, backed by private equity firm KKR, is targeting a valuation of about $4.38 billion in its upcoming U.S. initial public offering (IPO). The software company and its selling shareholders aim to sell 24.5 million shares, priced between $17 and $19 each, potentially raising up to $465.5 million, according to a filing on Monday.
The U.S. IPO market has shown promise in 2024, with a rise in listings as investor confidence grows in new offerings amid hopes for a soft economic landing. Despite the promising market conditions, OneStream's target valuation for its public float is significantly lower than its $6 billion valuation in 2021, when it raised funding from investors including D1 Capital Partners and Tiger Global Management.
Founded in 2010, OneStream helps Chief Financial Officers (CFOs) prepare and report financial statements to regulators and investors. The company also assists organizations with planning, budgeting, and forecasting. OneStream boasts over 1,400 customers worldwide, including major corporations like Toyota Motor, UPS, News Corp, and General Dynamics.
KKR acquired a majority stake in OneStream in 2019, valuing the company at over $1 billion at the time. OneStream plans to list its shares on Nasdaq under the ticker symbol "OS." The proceeds from the IPO will be used to increase the company's capitalization and financial flexibility. Morgan Stanley, J.P. Morgan, and KKR are the lead underwriters for the offering.
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