Education software provider PowerSchool Holdings Inc. was little changed in its trading debut after a $711 million initial public offering priced at the bottom of a marketed range.
The company, backed by private equity firms Vista Equity Partners and Onex Corp., sold 39.5 million shares on Tuesday for $18 each after marketing them for $18 to $20. The shares rose only as much as 5% and were down 0.7% to $17.88 at 12:26 p.m. Wednesday in New York, giving PowerSchool a market value of about $3.43 billion.
Canada Pension Plan Investment Board and Select Equity Group LP had indicated an interest in buying shares worth as much as $350 million in connection to the IPO, according to the company’s filings with the U.S. Securities and Exchange Commission.
Source: Bloomberg
By Michael Hytha and Crystal Tse
