Monday, May 10, 2021

Procore Sets Initial Estimated IPO Pricing

Carpinteria-based construction management software developer Procore has set its estimated initial IPO pricing, saying in a filing today that it now expects an initial offering price of betweenn $60.00 and $65.00 per share. The company has applied to list on the NYSE under the symbol PCOR. Procore initially filed for an IPO back in November of 2020. The IPO effort is being underwritten by Goldman Sachs & Co. LLC, J.P. Morgan, Barclays, Jefferies, Canaccord Genuity, KeyBanc Capital Markets, Oppenheimer & Co., Piper Sandler, Stifel, and William Blair. The company is backed by ICONIQ Strategic Partners, Bessemer Venture Partners, Tiger Global, and D1. At $65.00 per share, the IPO would raise $676.65M for the company and its selling shareholders.