Apps & Software
Textura, Software Maker for Construction Industry, Builds Winning IPO
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The underwriters for the IPO are Credit Suisse and William Blair, and they have been granted an overallotment option on 675,000 additional shares. The company plans to use net proceeds of approximately $75 million to repay $8.1 million in debt, with the remainder as working capital and for general corporate purposes.
Textura had revenues of $21.7 million in 2012, but posted a net loss of $16.77 million. In the six months ended March 31, the company posted revenues of $15.32 million and a net loss of $8.74 million.
Enterprise software, such as that offered by a variety of recent IPO companies like Splunk Inc. (NASDAQ: SPLK) and Workday Inc. (NYSE: WDAY), have performed very well in the IPO market. Textura appears to be no exception.
Shares are trading up nearly 59% in the late morning, at $23.83 after posting a high of $25.18 earlier.
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