Textura Corp., and its IPO (initial public offering) of shares of common stock to the public: What does this mean for the construction industry?
The company says with the commercial economy becoming more buoyant and anticipated growth for the future of construction technology, 2013 was a good time to go public. The implications of such a move in the construction industry are vast. One is the direct attention such a move has generated from the public and investors, which is reinvigorating how technology is being used in construction. This ultimately drives demand for software and related services in an industry that was once considered a laggard.
Additionally, such a move helps to generate more activity and software development from existing and new vendors in the space, drawing more functionality and features for construction companies in the long run.
Textura’s IPO of 5 million shares of common stock started at a price to the public of $15 per share initially. The company also granted the underwriters an option to purchase up to 750,000 additional shares at the IPO price less underwriting, discounts, and commissions. Textura began trading on the New York Stock Exchange under TXTR on June 7.