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UPDATE 1-Construction software firm Procore targets over $8 bln valuation in U.S. IPO

05/10/2021 06:56
UPDATE 1-Construction software firm Procore targets over $8 bln valuation in U.S. IPO

Adds details about offering

- Procore Technologies is targeting a valuation of over $8 billion in its initial public offering in the United States, the construction software startup said in a filing on Monday.

The company said it plans to sell about 9.5 million shares priced between $60 and $65 each and raise about $615 million. It will list its stock on the New York Stock Exchange under the symbol "PCOR".

Founded in 2002, Procore offers its cloud-based construction management software to more than 1.6 million users in over 125 countries.

The company offers real-time access to project information, simplifying complex workflows, a service that has gained popularity during the pandemic, with over 40% of construction firms reporting higher costs and slower project completion due to labor shortages.

Goldman Sachs, J.P. Morgan, Barclays and Jefferies are the lead underwriters on the offering.





(Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)

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