The shares of UiPath Inc. they came out the door on the first day of trading on Wednesday following weeks, where the company of “software robots” continued to push up prices to catch up with its recent private valuation.
UiPath PATH,
the shares opened Wednesday at $ 65.50, after the company set a stock price of $ 56 per share for a valuation of more than $ 29 billion on Tuesday afternoon. From there, the shares rose to a high of $ 70.74, or more than 25% above their IPO, closing the session up 23.1% to 69.00 dollars, with a market capitalization of $ 37.777 billion, according to FactSet data.
Read: UiPath IPO: 5 things to know about the company of “software robots” valued at nearly $ 30 billion
The New York-based company initially went public in late March, but with a much lower valuation than its $ 35 billion self-assessment after a $ 750 million round of risk financing l ‘February 1st. From there, the company constantly increased the estimated price of its offering.
UiPath manufactures software that helps automate business tasks and differentiates itself from rivals in that it allows employees with no coding experience to customize artificial intelligence capabilities.
“Traditional automation solutions designed to reduce this friction have generally been designed to be used by developers and engineers, rather than employees directly involved in the execution of the actual work that is being automated,” the company said in the its submission to the Securities and Exchange Commission.
Recent IPOs have worked quite well over the last twelve months with the OPC Renaissance IPO
increasing 117% during this time as the S&P 500 SPX index,
has gained 52% and the high-tech Nasdaq COMP composite index,
has increased by 68%.