Duck Creek Technologies Inc. (NASDAQ: DCT) entered the market with a bang to close out the week. The company priced its 15 million shares at $27 apiece, with an overallotment option for an additional 2.25 million shares. At this price, the entire offering was valued up to $465.75 million. However, the stock actually entered the market closer to $42, but it has receded slightly since then.
Goldman Sachs, JPMorgan, BofA Securities, Barclays, RBC, JMP Securities, Needham, Stifel, William Blair, D.A. Davidson, Raymond James and Loop Capital Markets are the underwriters.
Duck Creek is a leading provider of core system solutions to the property and casualty and general insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise software-as-a-service (SaaS) solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors.
Duck Creek’s solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
Historically, the firm also has sold its products through perpetual and term license arrangements, substantially all of which include maintenance and support arrangements. The firm offers professional services, primarily related to implementation of its products, in connection with both its SaaS solutions and perpetual and term license arrangements.
The company intends to use the net proceeds from this offering to repay debt, as well as for working capital and general corporate purposes.
Duck Creek stock was last seen up about 51% at $40.80, in a range of $39.00 to $44.50 on the day thus far. About 7.7 million shares have moved as of 1 p.m. Eastern.
24/7 Wall St.Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
