Software Maker UiPath Chases a Nearly $26 Billion Valuation

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UiPath, the automation software maker, is going public next week. 

The company is scheduled to price its deal on April 20 and begin trading the next day, a person familiar with the situation said. The company is selling 21,282,081 shares at $43 to $50 each, which could raise as much as $1.06 billion. UiPath plans to list on the New York Stock Exchange under the symbol PATH.

With 516,545,035 shares outstanding, UiPath could be valued at nearly $26 billion if the IPO prices at the top end of its range. 

The prospectus lists 21 investment banks that are advising on the deal, led by

Morgan Stanley

and

JP Morgan.

Founded in 2015 in an apartment in Romania, UiPath provides a platform that helps its customers automate processes using software robots. The company, now based in New York, has 7,968 customers, including Adobe (ticker: ADBE),

Applied Materials

(AMAT),

Chevron

(CVX),

Chipotle Mexican Grill

(CMG), CrowdStrike (CRWD), and

CVS Health

(CVS). 

UiPath isn’t profitable. Losses for the start-up narrowed to $92.4 million for the fiscal year ended Jan. 31, compared with nearly $520 million in 2020. Revenue jumped 81% to $607.6 million for the fiscal year ended Jan. 31, the prospectus said. 

UiPath has raised $2 billion in funding, Crunchbase said. That includes a $750 million round in February that valued the company at $35 billion. Investors have included Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, CapitalG, and

T. Rowe Price Associates.

 

Daniel Dines, UiPath’s co-founder, chairman and CEO, will have 88.2% voting power after the IPO. 

Write to Luisa Beltran at [email protected]