By Colin Kellaher

 

Duck Creek Technologies Inc. on Wednesday raised the expected pricing range of its initial public offering of 15 million shares to $23 to $25 apiece from a prior range of $19 to $21 each.

At the $24 midpoint of the new range, the Boston provider of software and services to the insurance industry said it expects net proceeds of about $333.7 million, or roughly $384.7 million if the underwriters exercise an option to buy an additional 2.25 million shares.

In a filing with the Securities and Exchange Commission, Duck Creek said it would have about 130.6 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $3.13 billion at the $24-a-share midpoint.

Duck Creek said funds advised by private-equity firm Apax Partners L.P. will own a roughly 33.2% stake, assuming exercise of the greenshoe, while Accenture PLC will own about 22.1%.

Duck Creek said it has applied to list its shares on the Nasdaq Global Market under the symbol DCT.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 12, 2020 09:22 ET (13:22 GMT)

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