Duck Creek Valuation Tops $3.5 Billion as IPO Priced Above Views
August 14 2020 - 6:26AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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