Exton-based Bentley Systems recently raised $235 million in a “very unusual” IPO, writes Michelle Caffrey for the Philadelphia Business Journal.

Founded in 1984 by five brothers, Bentley Systems makes software applications for engineers who design large infrastructure projects. The company’s shares opened at $22, before increasing by more than 50 percent last week to $33.49.

Although a company will often issue new shares in an IPO to raise cash and to fuel expansion, Bentley Systems is only selling shares that are already owned by its employees. According to CEO Greg Bentley, the idea was to reward the more than 4,000 employees with liquidity, after they had helped the company get to where it is today.

“There is no primary issuance by the company,” he said. “It’s very unusual for that to be true for an IPO.”

The company initially issued 10.75 million shares and will probably issue primary shares at a later date to ensure a more robust float.

Bentley Systems was valued at more than $5.7 billion based on the initial stock price, but its value has since climbed to $8.7 billion.

Read more about Bentley Systems in the Philadelphia Business Journal here.

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