UiPath Inc. and its shareholders raised $ 1.3 billion in an initial public offering, setting the stock price above a marketed range but valuing the automation software maker below the February funding round.
The company and investors sold nearly 24 million shares on Tuesday for $ 56 each, according to a statement confirming a previous Bloomberg News report. The shares had traded between $ 52 and $ 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 submitted to the U.S. Securities and Exchange Commission. Including employee stock options and restricted stock units, this valuation exceeds $ 31 billion.
UiPath raised $ 750 million in a fundraising round in February that valued it at $ 35 billion. This round was led by Alkeon Capital and Coatue, according to a statement at that time. A drop in some software stocks since then, including Snowflake Inc., which fell 20 percent from Feb. 1, played a major role in deciding the price of the IPO, he said. a person familiar with the matter who asked not to be identified because the information was private.
The valuation remains three times that in July, when the company he said it was valued at $ 10.2 billion in a round of funding, compared to a valuation of $ 7 billion in a 2019 round.
Co-founder and CEO of UiPath, Daniel Dines
(Photo by Noam Galai / Getty Images for TechCrunch)
On the IPO, UiPath sold nearly 9.4 million shares while shareholders included its chairman and sponsors. Accel i Alphabet Inc.’s mutual fund offered 14.5 million, according to his statements.
Started in an apartment in Romania with 10 people in 2005, UiPath now has a presence in about 30 countries, wrote Daniel Dines, CEO and co-founder, in a letter to investors. “Starting a business from a small, marketless place has a hidden advantage: it forces you to think globally from day one,” he wrote.
CEO control
Dines, who is also chairman, owns all of Class B’s UiPath shares, which account for 88.2% of the company’s voting power, the presentation shows.
UiPath, which is now headquartered in New York, reported a net loss of $ 92 million for revenue of $ 608 million in the fiscal year ending Jan. 31. A year earlier it had revenues of $ 336 million.
The offer is being led by Morgan Stanley i JPMorgan Chase & Co. UiPath shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol PATH.
(Updates with declaration in the second paragraph)