Bentley Systems Inc., an Exton software company founded by a team of five brothers 36 years ago, reached a milestone Wednesday when it debuted on the Nasdaq stock exchange. Shares opened at $22 and shot up more than 52% to close at $33.49.
The company, a maker of leading software applications for engineers who design large infrastructure projects like the new Tappan Zee Bridge in New York — raised more than $235 million in its IPO under the ticker symbol BSY.
Unlike other IPOs, where a company issues new shares in order to raise cash and fuel expansion, Bentley Systems is only selling shares already owned by its more than 4,000 employees. The idea is to reward those employees with liquidity, CEO Greg Bentley said, after they helped the company get to where it is today.
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