Thursday, May 20, 2021

Procore Prices IPO, Starts Trading Today

Carpinteria-based construction management software developer Procore Technologies priced its IPO last night, saying it will sell 9,470,000 shares of its common stock at a price of $67.00 per share. The company starts trading this morning on the New York Stock Exchange under the symbol PCOR. The IPO priced above the company's initial estimated IPO range, which was $60.00 to $65.00 per share, indicating strong investor interest in the offering. The IPO was underwritten by Goldman Sachs & Co., J.P. Morgan Securities, Barclays Capital, and Jefferies, along with Canaccord Genuity, KeyBanc Capital Markets, Oppenheimer & Co., Piper Sandler & Co., Stifel, Nicolaus & Company, and William Blair & Company. The IPO is the first in the technology sector in the Santa Barbara area since Sonos went IPO in 2018. Procore's venture backers include ICONIQ Strategic Partners, Bessemer Venture Partners, Tiger Global, and D1.