Bentley Systems, which provides software for construction and infrastructure projects, announced terms for its IPO on Tuesday.
The Exton, PA-based company plans to raise $194 million by offering 10.8 million shares (100% insider) at a price range of $17 to $19. The IPO float is just 4.1% of the basic shares outstanding, or 3.3% after indicated buying. New investor Capital Research Global Investors intends to buy $40 million worth of shares in the offering. At the midpoint of the proposed range, Bentley Systems would command a fully diluted market value of $4.9 billion.
Bentley Systems was founded by a family of engineers, the Bentley brothers, who create integrated software and services designed to aid engineers and owners in the design, construction, and operation of infrastructure assets. The company served over 34,000 accounts in 2019, and its users engineer, construct, and operate projects and assets across the public works, industrial, and commercial/facilities sectors.
Bentley Systems was founded in 1984 and booked $768 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol BSY. Goldman Sachs, BofA Securities and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 21, 2020.
