The initial public offering (IPO) of Qualtrics is "massively oversubscribed," SAP CEO Christian Klein told CNBC on Wednesday.

Klein went on to say that SAP's $8 billion acquisition of Qualtrics, which makes software that tracks customer and employee sentiment, was a "massive success"and that the company's revenue doubled after SAP bought it. He pointed out that even after the IPO, SAP intends to remain a majority shareholder of Qualtrics.

According to a regulatory filing, SAP is looking to raise $1.46 billion in the IPO by selling 50.4 million shares. Qualtrics' share price range has been set at $27 to $29.