1e11ab12
2021-07-28
Nicesu
Software Firm PowerSchool Raises $711 Million in Low-Priced IPO
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PowerSchool, which had offered shares for $18 to $20, has a market value of $3.5 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.</p>\n<p>Canada Pension Plan Investment Board and Select Equity Group LP have indicated an interest in buying shares worth as much as $350 million in connection to the IPO, according to the filings.</p>\n<p>PowerSchool, based in Folsom, California, provides software used by school districts and organizations serving 70% of all K-12 students in the U.S. and Canada, according to the filings. It’s one of several education technology companies that have benefited during the coronavirus pandemic, as many countries mandated remote learning to curb the spread of the virus.</p>\n<p>Vista Equity agreed in 2015 to acquire PowerSchool for $350 million from Pearson Plc, after the education giant announced a carve-out plan earlier that year, according to a statement at the time. In 2018, Onex bought a stake from Vista Equity and also invested in the company. Funds associated with Vista and Onex will each control about 39% of the shareholder voting power after the IPO.</p>\n<p>For the three months ended March 31, PowerSchool had a net loss of $2 million on revenue of $118 million, according to its filings.</p>\n<p>The offering is being led by Goldman Sachs Group Inc.,Barclays Plc,Credit Suisse Group AG and UBS Group AG. The shares are set to begin trading Wednesday on the New York Stock Exchange under the symbol PWSC.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Software Firm PowerSchool Raises $711 Million in Low-Priced IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoftware Firm PowerSchool Raises $711 Million in Low-Priced IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 15:20 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-07-28/software-firm-powerschool-raises-711-million-in-low-priced-ipo><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Education software provider PowerSchool Holdings Inc. raised $711 million in an initial public offering priced at the bottom of a marketed range.\nThe company, backed by private equity firms Vista ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-28/software-firm-powerschool-raises-711-million-in-low-priced-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PWSC":"PowerSchool Holdings, Inc."},"source_url":"https://www.bloomberg.com/news/articles/2021-07-28/software-firm-powerschool-raises-711-million-in-low-priced-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152861577","content_text":"Education software provider PowerSchool Holdings Inc. raised $711 million in an initial public offering priced at the bottom of a marketed range.\nThe company, backed by private equity firms Vista Equity Partners and Onex Corp., sold 39.5 million shares on Tuesday for $18 each, according to a statement. PowerSchool, which had offered shares for $18 to $20, has a market value of $3.5 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.\nCanada Pension Plan Investment Board and Select Equity Group LP have indicated an interest in buying shares worth as much as $350 million in connection to the IPO, according to the filings.\nPowerSchool, based in Folsom, California, provides software used by school districts and organizations serving 70% of all K-12 students in the U.S. and Canada, according to the filings. It’s one of several education technology companies that have benefited during the coronavirus pandemic, as many countries mandated remote learning to curb the spread of the virus.\nVista Equity agreed in 2015 to acquire PowerSchool for $350 million from Pearson Plc, after the education giant announced a carve-out plan earlier that year, according to a statement at the time. In 2018, Onex bought a stake from Vista Equity and also invested in the company. Funds associated with Vista and Onex will each control about 39% of the shareholder voting power after the IPO.\nFor the three months ended March 31, PowerSchool had a net loss of $2 million on revenue of $118 million, according to its filings.\nThe offering is being led by Goldman Sachs Group Inc.,Barclays Plc,Credit Suisse Group AG and UBS Group AG. 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