Bentley Systems upwardly revises IPO price range, aims for $5.5b valuation

Software development company Bentley Systems Inc on Tuesday revised its targeted price range for its upcoming initial public offering, which could value the company at about $5.49 billion, reports Reuters.
The company plans to sell 10.75 million shares in the IPO at a target range of $19 to $21 per share, according to a filing https://bit.ly/32PCRYQ. It had earlier expected it to be priced between $17 and $19 per share.
Bentley expects to raise up to $225.7 million from the IPO.
A host of companies have filed for US initial public offerings this year during one of the busiest IPO periods in recent history, as businesses rush to take advantage of ample investor appetite for new stocks.
Bentley, which was founded in 1984, develops, manufactures and sells software solutions for infrastructure operations.
Goldman Sachs & Co, BofA Securities and RBC Capital Markets are among the underwriters for the IPO.