Dive Brief:
- Procore Technologies has filed an amended registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public common stock offering the firm announced March 2.
- The construction management software provider intends to list its stock on the New York Stock Exchange under the symbol PCOR. The number of shares offered and proposed price range have not yet been determined, the company said.
- Procore announced intentions to file in March 2020 but by May, the onset of the coronavirus pandemic reportedly delayed its IPO plans.
Dive Insight:
Procore has seen steady revenue growth over the past three years, increasing from $186.4 million in 2018, to $289.2 million in 2019 to $400.3 million in 2020. The company also reported net losses for each of those years: $56.7 million, $83.1 million and $96.2 million, respectively.
The software provider estimates the annual potential market opportunity for its products at approximately $9.4 billion for the countries it markets its products: United States, Canada, Mexico, United Kingdom, Ireland, Australia, New Zealand, Singapore and United Arab Emirates.
Procore excluded general contractors with annual revenues less than $2.5 million and owners with less than $2.5 million in construction spend from its addressable market estimates because the firm does not actively market to them.
The $9.4 billion valuation is unchanged from Procore’s initial IPO filing. This is due to data indicating the construction industry has begun to recover from the pandemic and the overall size of Procore’s market opportunity is mostly unchanged from before COVID-19, the company said in the filing.
