PowerSchool Holdings, which provides a comprehensive software suite to the K-12 education market, raised $711 million by offering 39.5 million shares at $18, the low end of the range of $18 to $20. New investors Canada Pension Plan Investment Board and Select Equity Group had indicated on $350 million worth of shares in the offering.
PowerSchool is a leading provider of cloud-based software to the K-12 education market. The company serves more than 12,000 customers, including 93 of the 100 top districts by student enrollment in the US; has 30 state-, province-, or territory-wide contracts in North America; and sells solutions in over 90 countries globally. Its software is embedded in school workflows and is used on a daily basis by schools and districts representing over 45 million students globally, or over 70% of all K-12 students in the US and Canada.
PowerSchool Holdings plans to list on the NYSE under the symbol PWSC. Goldman Sachs, Barclays, Credit Suisse, UBS Investment Bank, BofA Securities, Jefferies, Macquarie Capital, and RBC Capital Markets acted as joint bookrunners on the deal.
