UiPath Inc. shares rose outside the gate on the first day of trading Wednesday next week, where the “software robots” company continued to raise its expected price to catch up with its recent private valuation.
UiPath PATH,
Shares opened at $ 65.50 on Wednesday, after the company traded its stock price at $ 56 per share for a valuation of more than $ 29 billion late Tuesday. From there, the shares rose to $ 70.74, or more than 25% above their IPO price, and closed the session with 23.1% at $ 69.00, according to FactSet data for a market capitalization of $ 37 , 77 billion.
Read: UiPath Scholarship: Five Things to Know About Nearly $ 30 Billion Software Robotics Business
The company in New York initially submitted to the IPO at the end of March, but at a valuation that was much lower than the $ 35 billion self-rating, after a $ 750 million business on February 1st. From there, the company gradually increased the estimated price. of his sacrifice.
UiPath makes software that helps automate business tasks, and distinguishes itself from competitors by allowing employees without coding experience to customize artificial intelligence features.
“Traditional automation solutions designed to reduce this friction are generally designed to be used by developers and engineers, rather than by employees directly involved in performing the work that works automatically,” the company said. in his filing with the Securities and Exchange Commission.
Recent IPOs have performed quite well with the Renaissance IPO ETF IPO over the last twelve months,
with 117% at that time as the S&P 500 index SPX,
achieved 52% and the technically heavy Nasdaq Composite Index COMP,
increased by 68%.