Today, Procore Technologies (NYSE:PCOR) began trading publicly. Investors in the PCOR stock IPO have done quite well for themselves thus far. Shares of PCOR are currently trading more than 27% higher at the time of writing on impressive investor demand.
Procor is a provider of cloud-based construction management software. Accordingly, investors are betting on Procor’s ability to innovate in one of the “oldest, largest, and least-digitized industries in the world.” The collaboration and efficiencies contractors gain from using Procore’s technology are driving a tremendous amount of investor interest in PCOR stock today.
It appears this IPO has gone better than most investors expect. Indeed, this year’s IPO track record has been a mixed one.
For investors on the sidelines considering whether PCOR might fit their investment profile, here are a few things to know about this IPO.
What Investors Need to Know About the PCOR Stock IPO
- The Procore IPO was initially priced at $67 per share. Currently, shares are trading around $85.
- Procore sold 9.4 million shares at this level to raise approximately $635 million.
- Initially, shares were being marketed in the $60-$65 price range.
- Currently, Procor’s market capitalization sits at more than $10 billion.
- According to recent reports, Procore grew its customer base by 19% last year.
- However, Procore did produce a loss of $14 million this past year.
- This loss is down from a $19 million a year prior.
- Goldman Sachs, JPMorgan Chase, Barclays, and Jefferies Financial led the offering.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.