By Colin Kellaher

Qualtrics International Inc. on Monday raised the size and expected price range of its initial public offering.

The Provo, Utah, customer-relationship-management software vendor owned by Germany's SAP SE said it now plans to sell about 50.4 million shares at between $27 and $29 apiece in the IPO, up from prior plans to offer roughly 49.2 million shares at between $22 and $26 each.

At the $28 midpoint of the new range, Qualtrics said it expects net proceeds of about $1.33 billion, or roughly $1.535 billion if the underwriters exercise an option to buy an additional 7.56 million shares.

In a filing with the U.S. Securities and Exchange Commission, Qualtrics said it would have roughly 510.2 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a market capitalization of about $14.3 billion at the new $28-a-share midpoint.

SAP, which in late 2018 agreed to buy Qualtrics for about $8 billion, will still hold 98% voting power after the IPO.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

01-25-21 0928ET