Thursday, May 20, 2021

Procore Now Worth More Than $11 Billion After IPO

Carpinteria-based Procore, the construction management software developer which went IPO this morning, is now worth more than $11 billion in market value, after pricing at $67.00 per share, and ending its first day of trading at $88 per share-- $21.00 above its debut, up 31.34%. 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.