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19 Nov 2024
OneStream, a finance cloud software company backed by KKR, has publicly filed for an initial public offering (IPO).
Last year, OneStream reported a net loss of $29 million on revenue of $375 million, an improvement from a loss of over $65 million on revenue of $279 million in 2022, according to their filing with the US Securities and Exchange Commission.
KKR, along with Robert Powers, OneStream's chief technical officer and director, are among the company's largest investors. KKR is expected to receive 5% or more of the IPO's net proceeds.
Initially filing confidentially for the listing, OneStream aimed for a valuation of up to $6 billion, as reported by Bloomberg News in May. The company will reveal the IPO terms when it begins marketing the shares.
OneStream's software is widely used by chief financial officers and finance teams. Other notable investors include Tidemark, Partners Fund Capital, and Alkeon Capital Management. In 2021, it secured funding at a $6 billion valuation from investors like D1 Capital Partners and Tiger Global.
Leading the IPO are Morgan Stanley, JPMorgan Chase & Co., and KKR’s capital markets arm, with Bank of America Corp., Citigroup Inc., and Guggenheim Securities also participating. OneStream plans to list on the Nasdaq Global Select Market under the symbol OS.
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