Guidewire Software (GWRE), a provider of on-demand subscription software to P&C insurance firms, announced terms for its IPO on Monday, with pricing set for January 24th. The San Mateo, CA-based company plans to raise $82.5 million by offering 7.5 million shares at a price range of $10.00 to $12.00. At the mid-point of the proposed range, Guidewire Software will command a market value of $523 million. Net profits were $38.5 million in the twelve months ended October 31, 2011. For the most recent quarter, sales increased 51% to $52.4 million. Guidewire is backed by U.S. Venture Partners, Bay Partners, and Battery Ventures. The most recent on-demand software provider to go public, Jive Software (JIVE), is trading up 26 percent since its offering last month.

Guidewire Software, which was founded in 2001 and booked $190 million in sales for the 12 months ended October 31, 2011, plans to list on the NYSE under the symbol GWRE. J.P. Morgan, Deutsche Bank Securities, and Citi are the lead underwriters on the deal.