Boston-based Duck Creek Technologies has set a price range of between $19 and $21 for its initial public offering, according to new documents filed with the U.S. Securities and Exchange Commission.
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The company, which was founded in 2000 and makes enterprise software for the property and casualty insurance industry, is offering 15 million shares of its common stock. If it prices its shares at the midpoint of the range ($20), it would have a valuation of $2.6 billion, excluding underwriters’ options.
As a private company, Duck Creek Technologies raised at least $357 million in funding from backers including Pequot Capital, Insight Partners, Temasek Holdings and Dragoneer Investment Group. It last raised money with a $230 million private equity round in June 2020, per Crunchbase.
Private-equity firm Apax Partners acquired a majority stake in the company in April 2016.
In its updated S-1 registration document, the company reported total revenue of $153 million for the nine months ended May 31, up from $123 million during the same period the year prior. Its net losses also shrunk to around $8.5 million for the same period, from $14 million reported for the nine months that ended on May 31, 2019.
Duck Creek Technologies is scheduled to start trading on the Nasdaq on Aug. 14 under the ticker DCT.
Illustration: Li-Anne Dias