OneStream goes public | Accounting Today

Corporate performance management solutions provider OneStream debuted today on the Nasdaq with a roughly $490 million IPO.

Specifically, OneStream has offered 24,500,000 shares of its Class A common stock at a public offering price of $20.00 per share. The shares began trading on the Nasdaq Global Select Market this morning under the symbol “OS.” The offering is expected to close on July 25, 2024, subject to customary closing conditions.

OneStream intends to use a portion of the net proceeds from this offering to purchase newly issued common units of OneStream Software LLC, of which OneStream will be the sole manager. OneStream intends to use the remaining net proceeds to purchase common units of OneStream Software LLC and shares of Class C common stock from certain of its existing stockholders in a synthetic secondary transaction at a purchase price per unit equal to the initial public offering price per share of Class A common stock, net of underwriting discounts and commissions. OneStream will not receive any proceeds from the sale of shares by the selling stockholders.

The announcement comes in the wake of the company’s launch of its “Sensible AI” suite in May, a set of packaged AI solutions, powered by machine learning and AI models built on top of OneStream’s unified data model and proprietary financial intelligence to help finance leaders  identify trends and business drivers and create forecasts from enterprise data. The new solutions include OneStream Sensible GenAI, OneStream Sensible Machine Learning Scenario Modeling, and OneStream Sensible AI Library. 

Also this year, the company released a new automated Narrative Reporting approach within the OneStream platform, which allows users to assemble narrative reports, as well as analyze and gather financial context to reports, charts, spreadsheets and documents. Narrative Reporting can be embedded into the close, planning and other workflow processes with built-in approvals. Users can collaborate on formatted Narrative Books with Microsoft Office. They can also add comments, track changes and view all activities to streamline approvals and minimize reporting errors. 

Morgan Stanley, J.P. Morgan and KKR are acting as lead book-running managers for the offering. BofA Securities, Citigroup and Guggenheim Securities are acting as book-running managers and Raymond James, Scotiabank, Truist Securities, BTIG, Needham & Company, Piper Sandler, TD Cowen and Wolfe | Nomura Alliance are acting as additional book-running managers for the offering. Amerivet Securities, Blaylock Van, LLC, Cabrera Capital Markets LLC, Drexel Hamilton and Loop Capital Markets are acting as co-managers for the offering.