Late Stage Mature Pre IPO Unicorns -

Procore Re-Files for IPO, Targets NYSE, Just One Year After Calling Off Previous Attempt

From ENR:

Carpinteria, Calif.-based construction-management technology provider Procore filed papers on Feb. 26 with the Securities and Exchange Commission for an initial public offering of common stock.

Procore intends to list its common stock on The New York Stock Exchange under the ticker symbol “PCOR.” The move comes about a year after Procore last filed for an IPO, but that effort was pulled shortly after the broader disruptions of the COVID-19 pandemic became clear. Procore reported a loss of $96.2 million on revenues of $400.291 million in 2020 and losses of $83.1 million in 2019, and $56.7 million in 2018. However, the company’s amended S-1 registration statement noted that it considers “the growth outlook for the construction industry is strong and favorable, driven by population growth, greater mobility, and the need for ongoing maintenance.”

Procore’s S-1 also noted that “key stakeholders [in construction] face an increasing imperative to adopt modern technology or jeopardize future business success.” Procore puts its valuation at $100 million in the S-1 filing, but that figure is likely a placeholder number as it goes through the IPO pricing process.

Procore filing for an IPO again is a sign that the company foresees growth and more demand for its products from contractors and design professionals. The company’s S-1 statement noted that it had 10,166 customers as of Dec. 31, a 20% growth of its 8,506 customers in 2019.

“The construction industry is on accelerated path of digitization,” said Jim Lynch, senior vice president and general manager of competitor Autodesk Construction Solutions, in a statement, commenting on the new Procore IPO and the state of the industry. “The latest market development demonstrates strong validation for construction technology.”