Procore Technologies, which provides cloud-based construction management and collaboration software, announced terms for its IPO on Monday. The company originally filed for an IPO in February 2020.
The Carpinteria, CA-based company plans to raise $592 million by offering 9.5 million shares at a price range of $60 to $65. At the midpoint of the proposed range, Procore Technologies would command a fully diluted market value of $8.9 billion.
Procore provides cloud-based software for construction management. Its core customers are owners, general contractors, and specialty contractors operating across the commercial, residential, industrial, and infrastructure segments of the construction industry. Procore's customers have used its platform to create an aggregate of more than 1 million projects representing over $1 trillion of construction volume since January 1, 2014.
Procore Technologies was founded in 2002 and booked $422 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol PCOR. Goldman Sachs, J.P. Morgan, Barclays and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of May 17, 2021.
