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PROCORE OFFERING: UP TO $676.6M Featured

Procore Technologies says the maximum proceeds for its looming initial public offering is $676.6 million. The estimated share price ranges from $60 to $65 with the proceeds estimated for the sale of 9,470,000 shares at $65.

The underwriters have the option to purchase up to 940,000 additional shares. Procore estimates proceeds to the company will be will be about  $552.9 million at the maximum price per share; $608.5 million if the underwriters exercise their option. All of the shares are being offered by the construction software company; none by the selling shareholders. The company gave a broad range of use of  proceeds—general corporate purposes and possible M&A. ; Procore had revenue of $400.3 million for the year ended December 31 and revenue of $113.9 for the first quarter ended March 31.

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