FOLSOM, Calif. — Folsom-based PowerSchool made it's initial public offering (IPO) on the New York Stock Exchange (NYSE) on Wednesday morning.
"It’s an exciting time," said Hardeep Gulati, the CEO of PowerSchool. "This really helps as a validation for our leadership, but also gives us continued path to innovation as well as product expansion."
According to Gulati, PowerSchool's IPO is now the largest in K-12 education software in North America. It is also the largest IPO the Sacramento region has seen in more than a decade.
According to Michelle Willard, chief public affairs officer with the Greater Sacramento Economic Council, it's the first time a company of this size had gone public in the greater Sacramento region in the last ten years.
"An initial public offering in a company is a really big deal," Willard explained. "They are backed by one of the largest venture capital and private equity firms in North America."
She said PowerSchool's success solidifies that technology companies can be thrive in the region.
"If you're a technology company from the Bay wanting to come up or anywhere throughout the country and you want to start in the Sacramento region, you can be successful here," Willard explained. "That’s important for economic development purposes when we’re trying to recruit and attract businesses here."
PowerSchool is now a Class A common stock on the NYSE and will be listed as "PWSC" on the ticker. The public can start buying and trading the nearly 40 million public shares of the company.
PowerSchool is a leader within the educational technology world. Their software is used by K-12 schools in 12,000 school districts and in 90 countries. Their products also help teachers and administrators manage their data-- from attendance to homework to grades.
The company said in a press release they plan to use the proceeds from the IPO to repay outstanding debt, expenses and other organizational transactions. They also plan to make a $1 million donation to "philanthropic initiatives to benefit K-12 educators," according to the press release.
The IPO for PowerSchool will start between $18 and $20 per share.
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