Qualtrics listed its stock on the Nasdaq Thursday under the ticker symbol XM. At first, the company was offering 51,695,568 shares of Class A stock at a price of $30 per share. This accounted for $1.55 billion in new funding, and valued the company at around $15 billion.
However, investors were eager to back the company, and the stock shot up to over $45 per share by market close. That 50 percent increase in share price brought the company’s valuation closer to $23 billion by the end of Thursday.
Although market swings over the next few days will likely cause a fluctuation in valuation, this is still a very impressive moment for the software company.
Qualtrics creates experience management software that helps organizations gauge how customers and employees are engaging with their business. It has also produced a few other solutions that are meant to monitor sentiment toward a company’s product and brand.
This type of software is useful for companies that operate across digital channels, because it allows them to analyze qualitative data through online interactions, and then adjust their business accordingly.
Over 13,000 organizations from across the world use the Qualtrics platform. The company employs over 3,300 people and splits its headquarters between Seattle and Provo, Utah.