(Reuters) -Instructure Holdings Inc on Monday filed for an initial public offering in the United States, a little over a year after the educational software company was taken private by Thoma Bravo.
Revenue rose 32% to $93.98 million in the three months ended March 31, with remote learning mandated by stay-at-home orders bolstering the business.
“The COVID-19 pandemic has been a massive tailwind to adoption over the past year, but the need for ongoing technology in education will persist well beyond the pandemic,” Instructure said in its prospectus.
However, net loss widened to $33.1 million, from $22.2 million.
It would be a second stint at the public markets for Instructure, which initially went public in 2015. It was acquired by Thoma Bravo for $2 billion in March last year, after the private equity giant raised its bid twice.
Instructure will start trading on the New York Stock Exchange under the symbol “INST”.
Morgan Stanley, J.P. Morgan and Citigroup are the lead underwriters for the offering.
Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila
