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 PROCORE TECHNOLOGIES IPO PRICED Featured

Procore Technologies is going public this week. The construction software company, whose share are expected to begin trading on the New York Stock Exchange today, said its stock has been priced at $67 per share.

That is above the previous estimated range of $60 per share to $65 per share for 9,470,000 shares of common stock. The underwriters have an option to purchase an additional 940,000 shares at the public offering price. The higher price puts it above the $676.6 million expected at $65 per share. That also raises the expected proceeds to the company of about  $552.9 million at the $65 price and $608.5 million if the underwriters exercise their option. So for $67 per share, tack on an additional 3 percent.  All of the shares are being offered by the construction software company; none by 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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