ICONIQ Entities Distribute 2M Procore Shares Worth ~$109M to Limited Partners
PCOR sits 43% above its 52-week low of $38.03.
Summary
ICONIQ Strategic Partners III distributed 2 million Procore shares (~$109M) to its limited partners, a large in-kind transfer that could eventually increase the public float.
Key Events · Ownership and Investor Activity · PCOR
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2M Share In-Kind Distribution
On August 3, 2026, a combined 2,000,000 shares were distributed for no consideration by ICONIQ Strategic Partners III, III-B, and III Co-Invest to their limited partners and GP.
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Distribution Value ~$108.8M
At Procore's current stock price of $54.38, the distributed shares carry an approximate value of $108.8 million.
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Ownership Shift, Not Open-Market Sale
Rather than an open-market sale, this is a pro-rata in-kind transfer to fund investors. While it does not directly dilute existing shareholders, the float could expand if recipients decide to sell.
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Context: Major Acquisition and Financing
The distribution follows Procore's $845M DroneDeploy acquisition announcement and an upsized $825M convertible note offering, hinting that ICONIQ may be rebalancing its position amid these capital-intensive moves.
Analysis · PCOR · Technology
ICONIQ Strategic Partners III and its parallel funds distributed 2 million shares of Procore to their limited partners and general partner for no consideration. This is a pro-rata in-kind distribution, not an open-market sale, but it shifts ownership from the fund to individual investors, potentially increasing the float over time. The distribution comes just days after Procore announced an $845 million acquisition of DroneDeploy and an $825 million convertible note offering, suggesting the fund may be rebalancing or returning capital amid the company's capital-intensive moves.
At the time of this filing, PCOR was trading at $54.38 on NYSE in the Technology sector, with a market capitalization of approximately $8.5B. The 52-week trading range was $38.03 to $82.32. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.