By Krystal Hu and Echo Wang
(Reuters) – UiPath, automation technology, said on Tuesday it was selling shares in its initial public offering (IPO) above its target range to raise $ 1.34 billion.
The company said it priced 23.89 million shares at $ 56 a share.
UiPath, which counts people like Accel, Dragoneer and Coatue Management among its prominent supporters, uses artificial intelligence and digital tools to help large enterprises and government agencies automate routine tasks in areas such as accounting and human resources.
The company on Monday increased its target range to between $ 52 and $ 54 per share, from $ 43 to $ 50. Of the shares sold, 9.4 million were through UiPath and about 14.5 million from existing investors.
The IPO values UiPath at $ 29 billion.
The software maker’s debut comes amid a spate of big tech listings, as startups want to capitalize on sky-high investor demand for high-tech new technology stocks.
UiPath was launched in 2015 with a team of ten people based in Bucharest, Romania, by former Microsoft executives Daniel Dines and Marius Tirca.
The technological startup has boosted demand for its robotic automation services as more companies switched to teleworking during the COVID-19 pandemic.
UiPath’s shares are expected to start trading on the New York Stock Exchange on Wednesday under the symbol “PATH”. Morgan Stanley and JP Morgan are the main underwriters on the exchange.
(Reporting by Krystal Hu in New York and Echo Wang in Miami; Additional reporting by Shubham Kalia in Bengaluru; Edited by Greg Roumeliotis and Shounak Dasgupta)