UiPath Inc. rose and its $ 1.3 billion shareholders in an initial public offering, pricing shares above a marketed range but pricing the automation software maker below its funding round in February.
The company and investors sold nearly 24 million shares on Tuesday for $ 56 each, according to a statement confirming an earlier report from Bloomberg News. The shares were marketed for $ 52 to $ 54, a range the company raised Monday from $ 43 to $ 50.
The listing gives the company a market value of $ 29 billion based on the outstanding shares listed in its prospectus filed with the US Securities and Exchange Commission. Including employee stock options and restricted stock units, that valuation exceeds $ 31 billion.
UiPath raised $ 750 million in a fundraising round in February that priced it at $ 35 billion. Alkeon Capital and Coatue led that round, according to a statement at the time. A fall in some software stocks since then – including Snowflake Inc., which is down 20% from Feb. 1 – played a role in the IPO pricing decision, says a person familiar with the matter who asked not to be identified because that the information was private.
The valuation is still triple, in July, when the company said it was worth $ 10.2 billion in a funding round, up from a $ 7 billion valuation in the 2019 round.
At the IPO, UiPath sold about 9.4 million shares while shareholders including its chairman and supporters of investment fund Accel and Alphabet Inc. offers 14.5 million, according to its filing.
Started in an apartment in Romania with 10 people in 2005, UiPath has a presence in nearly 30 countries, CEO and co-founder Daniel Dines wrote in a letter to investors. “Starting a company from a small space with no market has a hidden advantage: It forces you to think globally from day one,” he wrote.
Dines, who is also chairman, owns all UiPath Class B shares, which represent 88.2% of the voting power in the company, the filing shows.
UiPath, now based in New York, reported a net loss of $ 92 million on $ 608 million revenue in fiscal year 2021 ending Jan. 31. It closed its net loss of $ 520 million a year ago thanks to foreign exchange earnings. It had $ 336 million in revenue a year earlier.
Morgan Stanley and JPMorgan Chase & Co. who leads the offering. UiPath shares are expected to begin trading on Wednesday on the New York Stock Exchange under the PATH symbol.
This story was published from a wire agency feed without modifications to the text. Only the heading has been changed.