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Construction software startup Procore raises IPO price

REUTERS: Construction software startup Procore Technologies Inc on Thursday priced its U.S. initial public offering at US$67 per share, higher than the range it announced earlier this month.

The California-based company said it will offer about 9.5 million shares, seeking to raise a little over US$634 million.

Procore on May 10 sought an US$8 billion valuation by offering shares priced between US$60 and US$65 each, after it had delayed the IPO by a year due to choppy market conditions stemming from the pandemic.

The company will list its stock on the New York Stock Exchange under the symbol "PCOR" and will begin trading on Thursday. The offering is expected to close on Monday.

Founded in 2002, Procore offers its cloud-based construction management software to more than 1.6 million users in over 125 countries. Its backers include D1 Capital Partners and Tiger Global, among others.

(Reporting by Derek Francis in Bengaluru; Editing by Devika Syamnath)

Source: Reuters


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