OneStream Inc., backed by KKR (NYSE: KKR), has publicly filed for an initial public offering (IPO), revealing significant growth in revenue and a reduction in losses. According to its filing with the U.S. Securities and Exchange Commission, OneStream reported a net loss of $29 million on revenue of $375 million in the previous year. This marks an improvement from a loss of over $65 million on revenue of $279 million in 2022.
The company’s largest investors include entities controlled by Robert Powers, who serves as the chief technical officer and a director at OneStream. KKR will also receive 5 percent or more of the net proceeds from the IPO.
Previously, OneStream had confidentially filed for a listing and was reportedly seeking a valuation of up to $6 billion, as per Bloomberg News in May. Specific terms of the IPO will be disclosed closer to the commencement of marketing the shares.
OneStream specializes in software designed for chief financial officers and finance teams, positioning itself broadly within the financial management sector. Its investor base includes Tidemark, Partners Fund Capital, and Alkeon Capital Management, among others. In 2021, the company raised capital at a $6 billion valuation with investments from D1 Capital Partners and Tiger Global.
The IPO process is led by Morgan Stanley (NYSE: MS), JPMorgan (NYSE: JPM), and KKR’s capital markets arm. Bank of America Corp. (NYSE: BAC), Citigroup (NYSE: C), and Guggenheim Securities (NYSE: GOF) are also involved in the offering. OneStream plans to list its shares on the Nasdaq Global Select Market under the symbol OS.
