Shares of cloud-based education software provider PowerSchool Holdings rose 2.8% after its listing on the New York Stock Exchange yesterday, giving a valuation of about $3.57 billion, Reuters has reported.
Folsom, California-based PowerSchool, which is backed by private equity firms Vista Equity Partners and Onex Corp, sold 39.5 million shares in its initial public offering at $18 each, the bottom end of its target range. The company raised $710.5 million, which Powerschool claims makes it the largest listing in the North American K12 education software sector.
PowerSchool’s chief executive Hardeep Gulati said [The pandemic] put a bright shining light to the digital divide as well as need for digital transformation for school districts. We are at a unique position to help provide these unified platforms to these districts and help them support this digital transformation explosion.”
Date published: 29 July 2021