Bentley has gone public under the ticker BSY.
Earlier in September, Bentley Systems, an infrastructure software development company, unveiled the details of its planned initial public offering.
The company intended to offer 10.75 million shares at an estimated $17 to $19 each. That would value the offering at $182.8 million to $204.3 million.
However, the company priced at $22 a share for 10.75 million shares, which valued the offering at $236.5 million.
The first trade was $27.
For the 2020 first half Bentley reported a net loss of $7 million, widened from a loss of $1.78 million in the year-earlier period.
Revenue totaled $379 million in the latest six months, up from $347.1 million a year ago.
Bentley Systems provides software for infrastructure engineering, "enabling the work of civil, structural, geotechnical, and plant engineering practitioners, their project delivery enterprises, and owner-operators of infrastructure assets,” the company said.
As for risks, “demand for our software solutions is subject to volatility in our accounts’ underlying businesses, which includes infrastructure projects that typically have long timelines,” Bentley said.
And “the majority of our revenues and an increasing percentage of our operations are attributable to operations outside the United States, and our results of operations, therefore, may be materially affected by the … risks of foreign operations.”
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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