PowerSchool Holdings Inc., a provider of cloud-based software for K-12 education in North America, has closed its underwritten initial public offering of 39,473,685 shares of Class A common stock at a price to the public of $18.00 per share. In connection with this offering, PowerSchool has granted the underwriters a 30-day option to purchase up to an additional 5,921,052 shares at the initial public offering price, less the underwriting discount. Powerschool is a portfolio company of Vista Equity Partners and Onex Corp.

PowerSchool intends to use the net proceeds received from the IPO to repay outstanding indebtedness, pay expenses incurred in connection with the offering and other related organizational transactions and for general corporate purposes. In connection with this offering, PowerSchool will be making a $1 million donation to philanthropic initiatives to benefit K-12 educators.

PowerSchool stock closed flat at $18 per share on its first day of trading July 28.

Goldman Sachs & Co. LLC, Barclays, Credit Suisse and UBS Investment Bank are acting as lead bookrunning managers for the offering. BofA Securities, Jefferies, Macquarie Capital and RBC Capital Markets are acting as joint bookrunning managers. Baird, Piper Sandler, Raymond James, William Blair, AmeriVet Securities, Loop Capital Markets, Stern, Ramirez & Co. Inc. and Guzman & Co. are acting as co-managers. Kirkland & Ellis advised Powerschool.