German business software giant SAP SE said it will restore Qualtrics International Inc. To the public markets, on the list the business is expected to value at least 50% above what it paid for for the startup two years ago.

SAP in November 2018 said that Plan to purchase a vendor customer relationship management software Shortly before Qualtrics went public. SAP paid about $ 8 billion, one of the largest acquisitions of all, in an effort to keep up with competitors like Salesforce.com Inc.

Provo-based firm Qualtrics, in a regulatory filing on Monday, set an initial price range of $ 20 to $ 24 that would rate the company on a fully diluted basis between $ 12 billion and $ 14.4 billion, according to a person familiar with the matter. Command. The price may change based on investor feedback until the day prior to the start of trading the company’s stock.

Christian Klein, CEO of SAP, said in July that the company would go public with Qualtrics while remaining the largest shareholder. He said the deal will allow Qualtrics to better pursue non-SAP business opportunities.

Qualtrics’ shares will be traded on the Nasdaq exchange under the ticker symbol XM. SAP will retain a controlling stake in Qualtrics following the planned IPO, including all of the company’s Class B shares that give it additional voting rights.