Procore (PCOR) IPO Opens 25% Higher

Today's IPO for construction management software company Procore (NYSE: PCOR) opened for trading at $84 after pricing 9,470,000 shares of its common stock at $67, above the expected $60-$65 range.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Barclays Capital Inc., and Jefferies LLC are acting as lead book-running managers for the proposed offering. Canaccord Genuity LLC, KeyBanc Capital Markets Inc., Oppenheimer & Co. Inc., Piper Sandler & Co., Stifel, Nicolaus & Company, Incorporated, and William Blair & Company, L.L.C. are acting as co-managers for the proposed offering.

Procore is a leading provider of construction management software.

Procore generated revenue of $186.4 million in 2018, $289.2 million in 2019, and $400.3 million in 2020, representing year-over-year growth of 55% in 2019 and 38% in 2020. The company had net losses of $56.7 million in 2018, $83.1 million in 2019, and $96.2 million in 2020.

Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform.

Current total addressable market, or TAM, is seen at at least $12.4 billion worldwide for IT spend in the construction industry. However, the company views this as underestimating its opportunity as it does not account for the company's ability to sell products to multiple stakeholders who participate in the same construction project.

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