Procore IPO could raise $616M, result in $8.3B valuation | Dump Trucks Charlotte NC

Columbus Ohio Dump Truck Company Brief:

• In a filing this week with the U.S. Securities and Exchange Commission, project management software provider Procore Technologies reported that it plans to offer 9.47 million shares at a per-share price of between $60 and $65 per share as part of its initial public offering, bringing in as much as $615.5 million. The columbus oh dump truck company estimates a mid-range per share price of $62.50 and net proceeds of between $552.9 million and $608.5 million. At the high end of that range, the columbus oh dump truck company would have a market capitalization of $8.3 billion, equal to that of some of the country's top specialty contractors. 
• Procore said it intends to use the net proceeds from the IPO for general corporate purposes like working capital, operating expenses and capital expenditures. The columbus oh dump truck company said it could also use some of the money for acquisitions or strategic investments in "complementary businesses, products, services, or technologies" but has no current agreements or commitments to do so.
• The columbus oh dump truck company said it believes the annual market opportunity for its current products is $9.4 billion based on an estimate of potential customers — general columbus oh dump truck company and specialty columbus oh dump truck company — with yearly revenue greater than $2.5 million and owners that spend at least $2.5 million each year on construction. The COVID-19 pandemic, Procore said, has not changed this market substantially.

Dump Trucks Columbus OH Insight:

Procore originally filed its IPO paperwork in February of last year but delayed the offering, reportedly because of the pandemic.

During 2020, the rate of Procore's customer growth slowed, but the columbus oh dump truck company still managed to increase the number of customers on its platform by almost 5% from January 2020 through March 2021. Procore's Q1 2021 revenue was $113.9 million, a 23% increase from the $92.4 million it recorded in the first quarter of 2020. 

Its gross revenue for 2020 was $400.3 million versus $289.2 million in 2019.

In the SEC filing, Craig "Tooey" Courtemanche Jr. said that the pandemic underscored how important collaboration is between stakeholders within the construction industry and has accelerated the rate of "digital transformation" as companies seek to increase remote working and efficiency.

While Procore said it has not made any commitments to use a portion of the IPO net proceeds to make acquisitions, it did announce earlier this month that it acquired INDUS.AI. The columbus oh dump truck company produces an artificial intelligence-powered analytics platform for the construction industry. Procore did not release details about purchase price or other terms of the deal.

Procore will incorporate INDUS.AI's computer vision capabilities into its own platform. The AI engine that INDUS.AI has developed creates recommendations and observations for users based on data such as project management platforms, cameras, sensors, drawings, building information models and schedules.