IPOs

Infrastructure software company Bentley Systems increases range to $19 to $21 ahead of $215 million IPO

Bentley Systems, which provides software for construction and infrastructure projects, raised the proposed deal size for its upcoming IPO on Tuesday.

The Exton, PA-based company now plans to raise $215 million by offering 10.8 million shares at a price range of $19 to $21. The IPO float is just 4.1% of the basic shares outstanding, or 3.3% after indicated buying. The company had previously filed to offer the same number of shares at a range of $17 to $19. At the midpoint of the revised range, Bentley Systems will raise 11% more in proceeds than previously anticipated.

Bentley Systems was founded in 1984 and booked $768 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol BSY. Goldman Sachs, BofA Securities and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price on Tuesday, September 22, 2020.

The article Infrastructure software company Bentley Systems increases range to $19 to $21 ahead of $215 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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