Procore Files for IPO, No Timeline Announced Yet
Construction management software provider Procore is moving ahead with its long-discussed plans for an initial public offering of its common stock, filing an S-1 form with the Securities & Exchange Commission on Feb. 28.
According to the filing with the SEC, Procore lists $100 million as a proposed aggregate offering price, but has not offered a final valuation.
The company intends to list its stock on the New York Stock Exchange under the ticker symbol “PCOR.” A timeline for the IPO has not yet been disclosed.
A representative for Procore declined to comment on the planned IPO.
According to documents filed with the SEC, Procore recorded $289.2 million in revenue in calendar year 2019 compared to $186.4 million in 2018, a 55% growth in revenue. The company is operating at a loss, with net losses of $83.1 million in 2019 and $56.7 million in 2018.
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