Benzinga | Jul 28, 2021 07:12AM EDT

PowerSchool Raises $710.5M Via IPO At $18 Per Share, Trading Begins Today

* The cloud-based software provider for K-12 education in North America PowerSchool Holdings, Inc, (NYSE:PWSC) priced 39.5 million shares at $18 per share in its initial public offering.

* The estimated gross proceeds raised are ~$710.5 million.

* The underwriters have a 30-day option to purchase additional shares up to 5.9 million.

* The shares are likely to begin trading on the NYSE today.

* The company will use the offering proceeds to repay outstanding indebtedness, pay expenses incurred in connection with the offering and other related organizational transactions, and general corporate purposes.

* PowerSchool will be making a $1 million donation to philanthropic initiatives to benefit K-12 educators.