Duck Creek Technologies, a leading SaaS provider of core systems software for P&C insurers, raised the proposed range for its upcoming IPO on Wednesday.
The Boston, MA-based company now plans to raise $360 million by offering 15 million shares at a price range of $23 to $25. Insiders intend to purchase $100 million worth of shares in the offering. The company had previously filed to offer the same number of shares at a range of $19 to $21. At the midpoint of the revised range, Duck Creek Technologies will raise 20% more in proceeds than previously anticipated to command a fully diluted market value of $3.1 billion.
Duck Creek Technologies was founded in 2000 and booked $201 million in revenue for the 12 months ended May 31, 2020. It plans to list on the Nasdaq under the symbol DCT. Goldman Sachs, J.P. Morgan, BofA Securities, Barclays and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2020.
