Bentley Systems has finally gone public after flirting with the idea of an IPO for years. The CAD industry giant had its IPO (initial public offering) of 10.75 million shares of its Class B common stock at a price to the public of USD 22.00 per share.
The shares of the Class B common stock offered in the IPO were being sold by existing stockholders in Bentley. Shares trade on the NASDAQ under the symbol “BSY.”
The selling stockholders granted the underwriters in the offering a 30-day option to purchase up to an additional 1,610,991 shares of Class B common stock from the selling stockholders.
The offering was expected to close on 25 September 2020. The stock got off to a solid start, receiving asking prices over USD 28.00 and trading upward to over USD 35.00 per share before receding to today’s current price at the time of writing, of USD 39.35.
Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets is acting as a book-running manager for the offering. Baird, KeyBanc Capital Markets, and Mizuho Securities are acting as co-managers for the offering.
A registration statement on Form S-1 relating to the offering has been filed with and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations, or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
To learn more about Bentley Systems, visit them online here.