Construction management startup Procore Technologies raises US IPO range

On Thursday, Procore Technologies Inc, a construction software startup said, it has priced its U.S. initial public offering (IPO) at $67 per share, higher than the range it had announced earlier this month.

California-based Procore Technologies is offering around 9.5 million shares with the aim to raise around $634 million.

On May 10, the startup sought a valuation of $8 billion by offering shares prices between $60 and $65 each; it had delayed its IPO by a year citing turbulent market conditions stemming from the coronavirus pandemic.

Its stock on the New York Stock exchange will be listed under the symbol “PCOR” and will begin trading on Thursday. Its offering is expected to close on Monday.

Founded in 2002, Procore offers its cloud-based construction management software to more than 1.6 million users in over 125 countries. Its backers include Tiger Global and D1 Capital Partners among others.

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