Last week Procore filed an updated S-1 statement. They originally filed in February 2020, but put their IPO plans on hold when Covid hit. A S-1 is a document companies file with the SEC in preparation for listing their shares on an exchange like the NYSE or NASDAQ. The document contains information on the company including a general overview, up to date financials, market sizing estimates, risk factors to the business, cap table highlights and much more. The purpose of the detailed information is to help investors (both institutional and retail) make informed investment decisions. There’s a lot of info to digest, so in the sections below I’ll try and pull out the relevant financial information and benchmark it against current cloud businesses. As far as an expected timeline - typically companies launch their roadshow ~3 weeks after filing their initial S-1 (the roadshow launches with an updated S-1 that contains a price range). After the roadshow launch there’s typically ~2 weeks before the stock starts trading. So we’re looking at roughly 5 weeks before any retail investor can buy the stock.
Procure is a marketing and sales machine that pushes legacy software. They say the solve for the entire industry, but that is absolutely false. They solve for a GC and they actually hurt the industry from moving forward to a more data centric approach.
Procure is a marketing and sales machine that pushes legacy software. They say the solve for the entire industry, but that is absolutely false. They solve for a GC and they actually hurt the industry from moving forward to a more data centric approach.