Quickie: Bentley raises price in IPO
How interesting: Bentley just filed with the SEC to raise its price per share from $17 to $19, to $19 to $21 — that ups the value of the shares being sold to a max of $259,580,811. Why raise the offering price? Typically, it’s because there’s more demand for the shares than expected and that makes sense: Bentley is a solid company with diverse customers around the world, etc. and investors see it as a good place to park money for whatever their time horizon may be. And because tech stocks are popular right now, with those that offer something to keep industries going while workers shelter at home — even more in demand.
Bentley is expected to begin trading on Wednesday, September 23, under the ticker symbol BSY, if you want to follow what happens. Just a reminder: Bentley’s selling shareholders only sells these shares once; what you’ll see after the market opens is what happens to the people who bought those shares — will they sell them for more or less than they paid?
I know what I’m doing on Wednesday — reflexively refreshing my browser to see how this story plays out.