Utah-based Qualtrics plans to raise as much as $495 million in an IPO that could instantly double its $2.5 billion private valuation

Qualtrics International, a Utah-based software startup, plans to raise as much as $495 million when it goes public later this month.

Qualtrics, which sells software to analyze, manage and improve software user experience, announced Monday terms for its IPO. It plans to offer 20.5 million shares at a price range of $18 to $21, plus another 3.1 million shares for its underwriters. At that price range, Qualtrics could raise anywhere from $424 million to $495 million in its IPO.

At the midpoint of that price range, Qualtrics would have a fully-diluted market value of about $4.8 billion and an enterprise value of about $4.3 billion. Last year, Qualtrics was valued at $2.5 billion at the time of its last private fundraising, and had raised about $400 million in venture capital altogether. This means that there's a very real possibility that Qualtrics will see its valuation double the very moment it goes public.

Qualtrics filed to go public in October, and it’s expected to go public during the week of November 12. The company will list on the NASDAQ under the symbol "XM" — a reference to the “experience management” software it sells.

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“We have created a new category of software, Experience Management, or XM™, which enables organizations to address the challenges and opportunities presented by the experience economy,” the company wrote in its S-1 filing with the Securities and Exchange Commission (SEC).

Morgan Stanley, Goldman Sachs, Barclays, RBC Capital Markets, Jefferies, Deutsche Bank and BMO Capital Markets will lead the deal.

Qualtrics was founded in 2002 and is based in Provo, Utah. In the past year, Qualtrics generated $372 million in revenue, according to its filing.