Dive Summary:
- On June 7, online collaboration software provider Textura Corp.'s initial public offering (IPO) was successful, with shares rising from their original price of $15 up to $25.19, before finally settling at $20.19.
- Industry insiders are saying Textura's IPO is a sign of things to come. Patrick Allin, CEO and co-founder of Textura said, "This is a huge, global market, and it has the potential to be a very profitable business."
- Doug Chambers, CEO of FieldLens, a contruction software and app-maker, noted, "The construction workforce is primed for a revolution. This IPO empowers startups."
From the article:
Since its initial offering, Textura's market capitalization is about $500 million, a strong sign that construction technology and cloud-based tools are moving into the fast lane with users and investors.
[...]
Allin, who was formerly finance chief for PricewaterhouseCoopers' global consulting practice, sees Textura playing a larger role in the $7-trillion global construction industry, which industry experts expect will grow to $12 trillion a year by 2020. Last year, Textura sold $21.7 million in software services, an annual increase of 106%, but booked a net loss of $18.8 million. The company is on track to reach $30 million in sales this year and may turn a profit as soon as next year, Allin said.
