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Apps & Software

Textura, Software Maker for Construction Industry, Builds Winning IPO

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By Paul Ausick Updated Published
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Textura Corp. (NYSE: TXTR), an enterprise software maker for the commercial construction industry, held its initial public offering (IPO) this morning, selling 5.175 million shares at a per share price of $15.00, the top of its expected range.

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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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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