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Duck Creek Technologies (Boston) a provider of SaaS-delivered enterprise software to the property/casualty insurance industry, has announced the pricing of an underwritten public offering by Duck Creek and certain of its stockholders of a total of 9 million shares of Duck Creek’s common stock (an upsize of 1 million shares from a proposed offering of 8 million earlier in the week) at a public offering price of $46.00 per share, including 8,910,000 shares offered by the selling stockholders and 90,000 shares offered by Duck Creek. The offering is expected to close on February 2, 2021, subject to customary closing conditions. The selling stockholders also granted the underwriters a 30-day option to purchase up to 1,350,000 additional shares of Duck Creek’s common stock at the public offering price, less underwriting discounts and commissions.
Duck Creek reports that it intends to use the net proceeds from this offering to pay certain costs, fees and expenses incurred in effecting the registration of its common stock covered by the prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of its counsel and its independent registered public accountants. Duck Creek expects to use any remaining net proceeds from this offering for general corporate purposes. Duck Creek will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman Sachs & Co. LLC (New York), J.P. Morgan (New York) and BofA Securities (Charlotte, N.C.) are serving as lead book-running managers for the offering. Barclays and RBC Capital Markets are also acting as book-running managers for the offering. JMP Securities, Needham & Company, Stifel, William Blair, D.A. Davidson & Co., Raymond James and Loop Capital Markets are acting as co-managers for the offering.