Following a registration statement on Form S-1 submitted to the U.S. Securities and Exchange Commission (SEC), PowerSchool, the top supplier of cloud-based software for the K–12 education market in North America, today announced that it intends to start the roadshow for its proposed initial public offering (IPO) of its Class A common stock.
39, 473, 685 shares of PowerSchool’s Class A common stock are in the offing for the general public. Underwriters will also be given a 30-day option by PowerSchool to buy up to 5,921,052 shares (extra) of its Class A common stock.
The anticipated IPO price range for shares is $18 to $20. Shares of PowerSchool’s Class A common stock have applied for a listing on the New York Stock Exchange under the ticker “PWSC.”
PowerSchool plans to use the net proceeds from the IPO to pay down outstanding debt, cover offering-related costs, fund other organizational activities that are relevant to them, and for general business needs. With this offering, PowerSchool will donate $1 million to charitable programs that assist K–12 instructors.
Goldman Sachs & Co. LLC, Credit Suisse, Barclays, and UBS Investment Bank are book-running managers for the offering. They are actively participating in the proceedings. Joint book-running managers include BofA Securities, Jefferies, Macquarie Capital, and RBC Capital Markets. Co-managers include Stern, Ramirez & Co., Inc., Guzman & Company, AmeriVet Securities, Loop Capital Markets, Piper Sandler, Raymond James, William Blair, and Guzman & Company.
These securities are subject to a registration statement submitted to the SEC, although it has not yet taken effect. Before the registration statement takes effect, neither the sale of these securities nor the acceptance of offers to purchase them are permitted.
In North America, PowerSchool is the top supplier of cloud-based software for K–12 schools. Its goal is to use unified technology to power the educational ecosystem, assisting teachers and students in reaching their full potential. PowerSchool connects students, instructors, administrators, and parents for better outcomes. It enables schools and districts to effectively manage state reporting and related compliance, special education, finances, human resources, talent, registration, attendance, funding, learning, instruction, grading, assessments, and analytics on a single platform from the office to the classroom to the home.
PowerSchool provides products in more than 90 countries and supports more than 45 million students worldwide. It has more than 12,000 clients, including 93 of the top 100 districts in the United States by student enrolment.