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.
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),
Chipotle Mexican Grill
(CMG), CrowdStrike (CRWD), and
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.
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