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PROCORE RAISES $656.5M IN IPO Featured

Procore Technologies has raised about $656.5 million in its initial public offering. Those are the estimated proceeds to the company from the sale of 10,410,000 million shares of common stock, including the underwriters’ purchase of 940,000 shares following the initial sale of 9,470,000 shares.

All shares were sold by the company at the IPO price of $67 each and have been trading above that. The closing price on May 27 was $82.3 with a post IPO high of $91.99. Procore, which markets construction software, lost $96.2 million for the year ended December 31, compared to a loss of $83.1 million. Revenue for the most recently ended year was $400.3 million, an increase of 38.4 percent from $289.2 million in 2020. For the first quarter ended March 31, Procore lost $13.7 million, down from slightly more than $19 million in last year’s corresponding period. Revenue for the most recently ended period was $113.9 million, an increase of 23.4 million from $92.3 million a year earlier.

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