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This morning, construction tech unicorn Procore Technologies set a price range for its impending public offering. The news comes after the company initially filed to go public in February of 2020, a move delayed by the pandemic. As TechCrunch reporter Mary Ann Azevedo reported at the time, the hiatus came with a large check to see the company through its public-offering pause.
In March 2021, Procore filed again for a public offering, but its second shot ran into a cooling IPO market. The company filed another S-1/A in April, and then another in early May. Today’s filing is the first that sets a price for the Carpinteria, California-based software upstart.
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Procore’s filing sets a price range of $60 to $65 per share for its equity.
But Procore is not the only company that filed and later put on hold an IPO to get back to work on floating. Kaltura, a software company focused on video distribution, also recently got its IPO back on track. Are we seeing a reacceleration of the IPO market? Perhaps.
Procore’s IPO price range
While private Procore raised well over a half-billion dollars from a host of investors, including ICONIQ, Dragoneer, Tiger Global and D1 Capital Partners, per Crunchbase data, it most recently raised $150 million last year after its IPO delay at a valuation of just over $5 billion calculated on a post-money basis.
According to its latest S-1/A filing, Procore will sell 9,470,000 shares in its IPO, providing it with a post-IPO share count of 128,134,774. At $60 per share, the company’s simple valuation comes to $7.69 billion. At $65 per share, that figure rises to $8.33 billion.
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