Apax Global Duck Creek look-through position valued at €82m
Updated : 08:59
Apax Global Alpha said its look through position in Duck Creek Technologies was valued at around €82m after the software company serving the property and casualty insurance market raised $405m in its upsized initial public offering (IPO).
The stock jumped as much as 55% from the IPO price of $27 per share on Friday and closed the session at $48.14. The company plans to use IPO proceeds to expand in Europe and Asia and to fund potential acquisitions.
Boston-based Duck Creek, sold 15m shares above its target range of $23 to $25. The IPO valued Duck Creek at $3.46bn. The company provides software-as-as-a-service (SaaS) solutions to carriers including AIG, Geico and Liberty Mutual.
Apax Global Alpha said it also received €6m in cash since March 31 and its pro-rata share of IPO proceeds on closing would be €3m.