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.
This morning, let’s find out what Procore is worth at its new IPO valuation range, calculate some revenue multiples for the firm, noodle on its implied multiples, and then ask ourselves if its movement toward the public markets alongside Kaltura’s actions is really enough to claim that the public-offering market is actually back.
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.
