How To Invest In Procore Technologies Shares IPO
New IPO: Procore Technologies Inc is a cloud-based software developer for construction management.
Launch: IPO in the New York Stock Exchange on the 19th May 2021.
The Procore platform allows developers to streamline their workflow and foster collaboration amongst all project stakeholders.
Bidding for products and services, human resource management, building knowledge models, and financial management are only a few of the services available to clients. In addition, the platform enables the software’s integration with other internal client systems.
The company has a client base of over 10,000 people. Procore Technologies has thirteen products with the program available on a subscription basis, with the number of subscribers and sales from the business increasing year after year. Revenue revenue in 2019 was $289.2 million, and in 2020 it increased by 38 per cent to $400.3 million.
The company was able to secure $150 million in private funding in 2020.
Investors currently include ICONIQ Strategic Partners, Bessemer Venture Partners, Tiger Global PIP 11, and D1 Master Holdco.
The construction industry is one of the least digitized, and cloud technologies are not being adopted as quickly as they are in other industries. This, combined with the scarcity of complex software for construction firms, bodes well for the business.
The potential market for Procore Technologies’ products is currently estimated to be worth $9.4 billion.
KEY IPO FACTS:
- IPO Date: May 19, 2021
- Exchange: NYSE (trading as PCOR)
- IPO Size: $591,9M
- Starting Price: $60 to $65 per share
- Market Cap: $8B
- Underwriters: Goldman Sachs, J.P. Morgan, Barclays, Jefferies
You can find Procore Technologies Security Issue Memo on the SEC website.
You can apply to trade Procore Technologies IPO before 7:00 pm UTC+2 on May 18. In order to trade on an IPO, you need an investment account with Freedom Finance. The minimum investment amount is $2,000.
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