Carpinteria-based Procore Technologies plans to price its initial public offering between $60 and $65 per share, which would raise more than $600 million and give it a market capitalization of around $8 billion.

Procore, a cloud software company for the construction industry, filed an amended S-1 statement on May 10 with the U.S. Securities and Exchange Commission. The company is planning an IPO for later this year, though it has not disclosed the date yet, and will trade on the New York Stock Exchange under the symbol “PCOR.”

According to the new filing, Procore is planning to register 10,410,000 new shares of stock, 9.47 million of which will be sold to the public while the rest is available to the underwriters of the deal, which include Goldman Sachs, J.P. Morgan Securities and more.

After the IPO, Procore would have a total of 128 million outstanding shares, meaning about 7.5% of its shares will be offered to the public.

If the company debuts at its highest estimated price point of $65, the IPO would raise $676.7 million in capital for Procore and its selling shareholders. If Procore debuts at its lowest estimated price point, $60, the IPO would still raise $624.6 million for the company.

Procore’s market capitalization would be $8.3 billion at the high end of its price range and $7.6 billion at the low end. Either one would make the company the fifth largest publicly traded firm in the tri-county region, based on market capitalizations as of May 10.

Amgen, the Thousand Oaks-based biotechnology giant, is by far the largest company in the region by market cap, at $145.1 billion on May 10. It is followed by The Trade Desk at $23.3 billion, Teledyne Technologies at $16 billion and Deckers Brands at $9.3 billion. AppFolio is currently fifth, with a market cap of $4.4 billion.

Procore raised $150 million in a private funding round in July 2020, after the company scrapped its plans for an IPO in 2020. That funding round was reported to value the company at around $5 billion.

Procore originally planned to go public in 2020, but the pandemic seemed to have pushed those plans back. The company filed an amended S-1 statement on March 2, a year and three days after it had filed the first version of the prospectus.

Procore has yet to turn a profit, with a net loss of $96.2 million in 2020, up from $83.1 million in 2019 and $56.7 million in 2018, according to its prospectus.

Procore’s path to profitability lies in continued growth, according to its SEC filings. Procore said the construction software market is “largely and significantly underpenetrated” and estimated that the “annual potential market opportunity” for its products is around $9.4 billion.

In the first quarter of 2021, Procore’s revenue grew 23% compared to the same quarter a year ago, from $92 million to $114 million.

More importantly, the company mitigated its net losses, with a net loss of $14 million in the first quarter of 2021, compared to $19 million in the first quarter of 2020.

Procore employs more than 1,800 people globally, about half of them on the Central Coast. It had $400 million in revenue in 2020, according to its latest SEC filing, and more than 1.6 million users of its products. Its revenue grew by 38% between 2019 and 2020, and by 55% the previous year. 

It has consistently ranked near the top of the Pacific Coast Business Times’ 50 Fastest-Growing Companies list, with repeated years earlier in the decade of more than 100% revenue growth.

Procore was founded in 2002, an early entrant into the construction management software space. In the following decade, several competitors entered the market with cloud-based document storage, procurement and collaboration products, including PlanGrid, Fieldwire and BuildingConnected.