OneStream IPO Surpasses Expectations with $490 Million Raise

Financial software company OneStream raised $490 million in its U.S. IPO, pricing shares above its indicated range at $20 each. Despite a lower valuation compared to its 2021 funding round, the IPO reflects a rebound in market confidence. Shares will list on Nasdaq under ticker 'OS'.

Financial software company OneStream successfully raised $490 million in its U.S. initial public offering (IPO) on Tuesday, exceeding its indicated price range, according to sources familiar with the matter. The company's software assists organizations with planning, budgeting, and forecasting tasks.

OneStream and its shareholders sold 24.5 million shares at $20 each, pushing the company's valuation to $4.6 billion. This is a decrease from its 2021 valuation of $6 billion when it raised funding from investors like D1 Capital Partners and Tiger Global Management.

The IPO occurs amid a rebound in the U.S. IPO market after slow activity in 2022 and 2023. OneStream will list its shares on Nasdaq under the ticker 'OS'. Leading underwriters for the offering include Morgan Stanley, J.P. Morgan, and KKR's capital markets unit. The company boasts clients such as Toyota Motor, UPS, News Corp, and General Dynamics.

(With inputs from agencies.)