Duck Creek’s expected pricing of IPO increases, raising potential valuation to up to $3.2 billion

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Duck Creek Technologies Inc. disclosed Wednesday that the expected range for the pricing of its initial public offering increased to between $23 and $25 from $19 and $21. With the Boston-based provider of software-as-a-service (SaaS) for the property and casualty insurance industry offering 15 million shares in the IPO, the amount the company could raise has increased to up to $375 million from $315 million, and its expected market value has increased to $3.21 billion from $2.69 billion. Goldman Sachs, J.P. Morgan and BofA Securities are among the lead underwriters. For the nine months ended May 31, 2020, the company recorded a net loss of $8.5 million on total revenue of $153.35 million, after a loss of $14.1 million on revenue of $123.35 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 28.3% over the past three months while the S&P 500 has gained 16.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.