By Colin Kellaher

 

Duck Creek Technologies Inc. said its initial public offering of 15 million shares was priced at $27 apiece, above already increased expectations.

The Boston provider of software and services to the insurance industry, which is backed by private-equity firm Apax Partners L.P. and Accenture PLC, on Wednesday had raised the expected pricing range of the IPO to $23 to $25 a share from $19 to $21 each.

Duck Creek will have about 130.6 million shares outstanding after the IPO, assuming the underwriters exercise an option to buy an additional 2.25 million shares., for a valuation of about $3.53 billion at the $27-a-share pricing.

Duck Creek shares are slated to begin trading Friday under the symbol DCT.

 

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

 

(END) Dow Jones Newswires

August 14, 2020 06:11 ET (10:11 GMT)

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