Duck Creek Technologies on Thursday set a price of $27 per share for its initial public offering.
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The Boston-based company makes software for the property and casualty insurance industry. It initially set a price range of between $19 and $21 before raising it to $23 to $25. With a price of $27 per share, the company raised $405 million through its IPO, excluding underwriters’ options.
Duck Creek Technologies, which was founded in 2000, raised at least $357 million in total funding from investors including Insight Partners and Temasek Holdings. Apax Partners, a private equity firm, acquired a majority stake in Duck Creek Technologies in April 2016.
The company reported total revenue to the tune of $153 million for the nine-month period that ended on May 31. That was up from $123 million during the same period the prior year. The company’s net losses also shrunk to about $8.5 million for the nine months that ended on May 31, down from $14 million during the same period the year prior.
Its stock is set to start trading on the Nasdaq on Friday under the ticker symbol DCT.
We’ll have more tomorrow when the company starts trading.
Illustration: Li-Anne Dias