Hello and welcome back to our regular morning view of private companies, public markets and the gray areas in between.
Today we will be happy to consider Procore's S-1 filing. If you're not familiar, Procore sells software that helps manage construction projects, but offers more than one app: the Procore service allows other apps to be connected, making it a kind of platform. The company applied to go public last Friday, which means that we have endless new numbers to deal with.
Even better for us, Procore is a SaaS company, which means we can understand its numbers.
Procore lists $ 100 million as an IPO placeholder, intends to be listed as PCOR on the NYSE, and its debut is being made by Goldman, J.P. Morgan, Barclays, and Jefferies.
Why are we interested in this IPO? A couple of reasons. First, Procore reported on the stock market after the worst week since the 2008 crash. This is either calculated bravery, unbridled hubris or random folly. We will see. Second, the company's supporters are known: Bessemer, Greater Pacific Capital, ICONIQ, Dragoneer and Tiger, according to Crunchbase.