OneStream Inc. and a group of shareholders including KKR & Co. are seeking to raise $465.5 million in a U.S. initial public offering.
The company, which offers a cloud-based platform with more than 90 applications including accounting and budgeting, and the shareholders are offering 24.5 million shares for $17 to $19 each, according to a
OneStream is marketing 18.1 million shares, and the shareholders are offering 6.4 million shares. At the top of the price range, OneStream would have a market value of $4.4 billion based on the outstanding shares listed in its filing.
Funds and accounts advised by T. Rowe Price Investment Management Inc. have indicated interest in purchasing up to 15% of the base offering at the IPO price, the filing shows.
The listing comes as U.S. IPOs continue to recover following a relatively quiet couple of years. IPOs on U.S. exchanges raised more than $21 billion in the first six months of the year, nearly 70% above the same period in 2023, according to data compiled by Bloomberg.
OneStream had a net loss of $29 million on revenue of $375 million last year, compared with a loss of more than $65 million on revenue of $279 million in 2022, the filings show.
In addition to KKR, the company's largest investors include an entity controlled by Robert Powers, chief technical officer and a director of OneStream, according to the filing.
The 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
The IPO is being led by Morgan Stanley, JPMorgan Chase & Co. and KKR's capital markets arm. Bank of America Corp., Citigroup Inc. and Guggenheim Securities are also on the offering. The company is seeking to list on the Nasdaq Global Select Market under the symbol OS.
