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KKR-Backed Finance Cloud Firm OneStream Files Publicly for IPO

(Bloomberg) -- KKR & Co.-backed software company OneStream Inc. has filed publicly for an initial public offering, disclosing growing revenue and shrinking losses.

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The company 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, according to its filing Friday with the US Securities and Exchange Commission.

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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. KKR will receive 5% or more of the net proceeds from the offering.

OneStream had filed confidentially for a listing and was seeking to be valued at as much as $6 billion in an IPO, Bloomberg News reported in May. The company won’t disclose proposed terms for the IPO until it’s ready to begin marketing the shares.

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 raised capital at a $6 billion valuation from backers including D1 Capital Partners and Tiger Global.

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.

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