Software firm for K-12 education PowerSchool Holdings, Inc., (NYSE: PWSC) began trading on the New York Stock Exchange yesterday under the symbol “PWSC”. The firm prices its initial public offering for aggregate proceeds of approximately US$710.5 million.
The offering consists of 39,473,685 Class A common shares at US18.00 per share. Proceeds from the offering are intended for repaying outstanding debts and paying IPO expenses incurred, as well as for general corporate purposes.
In connection to the offering, PowerSchool also pledged to donate US$1 million to initiatives benefitting K-12 educators.
The company also granted the underwriters a 30-day over-allotment option to purchase additional 5,921,052 common shares at the same IPO price. Goldman Sachs & Co., Barclays, Credit Suisse, and UBS Investment Bank are all acting as joint bookrunners for the said offering.
The offering is expected to close on July 30, 2021, subject to customary closing conditions.
The California-based education technology company provides cloud-based software for K-12 educators. The platform hosts 45 million students and more than 12,000 educational institutions across 90 countries worldwide.
Information for this briefing was found via Sedar and PowerSchool. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
