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


(END) Dow Jones Newswires

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

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