OneStream Software, an enterprise software startup backed by private equity firm KKR, is aiming for a $4.38 billion valuation in its upcoming U.S. initial public offering (IPO). This announcement follows the company's confidential filing with the U.S. Securities and Exchange Commission (SEC) last month.

According to Reuters, OneStream and its selling shareholders plan to sell 24.5 million shares priced between $17 and $19 each, potentially raising up to $465.5 million. The IPO proceeds will be used to strengthen the company's capitalization and financial flexibility. The shares will be listed on Nasdaq under the ticker symbol “OS.”

The U.S. IPO market has been gaining momentum this year, with increased listings reflecting growing investor confidence and hopes for a stable economic outlook. However, OneStream's target valuation is notably lower than the $6 billion valuation it achieved in 2021 when it received funding from investors like D1 Capital Partners and Tiger Global Management.

Founded in 2010 by Robert Powers, OneStream Software provides CFOs with tools for preparing and reporting financial statements, as well as planning, budgeting, and forecasting. KKR acquired a majority stake in the company in 2019, valuing it at over $1 billion at the time.

In 2020, OneStream launched its Predictive Analytics 123 solution, which is integrated into the OneStream XF platform. This tool enhances planning and forecasting capabilities, allowing finance leaders to create predictive forecasts and collaborate on critical decisions. It also reduces time spent on data integration and system maintenance, enabling finance teams to focus on business performance.

OneStream’s unified platform, available both on-premise and via the cloud, helps organizations modernize their finance functions, replace multiple legacy applications, and lower the total cost of ownership for financial systems. The company serves over 1,400 global customers, including major corporations like Toyota Motor, UPS, News Corp, and General Dynamics.