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Aug. 14, 2020, 6:08 a.m. EDT

Duck Creek's IPO prices above expectations, to value company at nearly $3.5 billion

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By Tomi Kilgore

Duck Creek Technologies Inc.'s /zigman2/quotes/206556281/composite DCT +1.68% initial public offering priced late Thursday above the expected range, as the Boston-based provider of software-as-a-service (SaaS) for the property and casualty insurance industry raised $405 million. The company sold 15 million shares at $27 a share, above the expecting pricing of $23 to $25 a share, which was raised from a previously expected range of $19 to $21. With 128.3 million shares outstanding, the IPO pricing values the company at $3.46 billion. If the underwriters exercise all the options to buy additional shares, the company could raise $465.8 million and be valued at $3.53 billion. Goldman Sachs, J.P. Morgan and BofA Securities are the lead book-running managers. Duck Creek is going public at a good time for the IPO market, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.40% has rallied 31.0% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.37% has gained 18.3%.

/zigman2/quotes/206556281/composite
US : U.S.: Nasdaq
$ 41.70
+0.69 +1.68%
Volume: 275,026
Sept. 23, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.27 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 50.62
-0.72 -1.40%
Volume: 350,398
Sept. 23, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,236.92
-78.65 -2.37%
Volume: 2.46B
Sept. 23, 2020 5:08p
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