Key Highlights:
- UiPath seeks to raise as much as $1.3 billion in the US IPO
- The company is offering 23.9 million shares at a narrower price scale.
- The company also plans to be listed on the New York Stock Exchange under the ticker symbol of “PATH”.
Aiming at raising $1.3 billion
New York based automation services provider UiPath Inc. has boosted their initial public offering (IPO) price range in New York, hence boosting the company’s expected value to about $28 billion when it hits the market this week. The automation tech startup is targeting at setting a stage for yet another high-profile tech listing this year.
The automation software maker and its existing shareholders are seeking to raise as much as $1.3 billion in the US IPO after upsizing the targeted price range.
UiPath’s stock shares
UiPath Inc. and its backers are now offering 23.9 million shares at a much narrower price scale of $52 to $54 per share. Previously, it was marketing a sale of 23.1 million shares at $43 to $50 apiece, while targeting to seek as much as $1.1 billion. The escalation accounts to 21% jump from the lower end of its initial range and an 8% gain on the upper end.
Furthermore, UiPath officials confirmed that the company will also be selling more shares than before, hinting at a larger total valuation at the top end that the 8% gain suggests, while planning to be listed on the New York Stock Exchange under the ticker symbol “PATH”.
UiPath’s planned debut eventuated amidst a flurry of major tech listings from Silicon Valley, as several startups looked for capitalization on the sky-high investor demand for new, high-growth tech stocks. The company is looking forward to profiting up to $508 million from the IPO, excluding proceeds from shares offered by the selling stockholders.
UiPath Software Company
Founded in 2015 as a team of 10 people, UiPath is a global software company that develops a platform for robotic process automation. The company, with Accel, Dragoneer and Coatue Management as its prominent backers, uses AI and low-code tools to help large corporations and government agencies automate repetitive and routine tasks in areas such as accounting and human resources.
Located in New York and was founded by former Microsoft executive Daniel Dines and Marius Tirca, the tech startup witnessed demand for its robotic process automation services soar, as more companies shifted to remote working during the COVID-19 pandemic.
