UiPath Inc. and its shareholders raised $ 1.3 billion in an initial public offering, which prices shares above a marketed range but the automation software maker valued during its February round of financing.
The company and investors sold nearly 24 million shares for $ 56 each on Tuesday, according to a statement confirming an earlier Bloomberg report. The shares were marketed for $ 52 to $ 54, a range that raised the company from $ 43 to $ 50 on Monday.
The listing gives the company a market value of $ 29 billion, based on the outstanding shares listed in the prospectus with the US Securities and Exchange Commission. Including employee stock options and limited stock units, the valuation is more than $ 31 billion.
UiPath raised $ 750 million in February in a fundraising round that valued it at $ 35 billion. That round was led by Alkeon Capital and Coatue, according to a statement at the time. A decline in some software stocks since then – including Snowflake Inc., which is down 20% from Feb. 1 – has played a role in the IPO’s pricing, saying someone familiar with the matter has asked to not to be identified because the information was private.
The valuation is still three times higher than in July, when the company said it was valued at $ 10.2 billion in a funding round, compared to a $ 7 billion valuation in a 2019 round.
UiPath co-founder and CEO of UiPath Daniel Dines
(Photo by Noam Galai / Getty Images for TechCrunch)
In the exchange, UiPath sold approximately 9.4 million shares, while shareholders, including its chairman and supporters Accelerate and Alphabet Inc. ‘s investment fund offered 14.5 million according to the documentation.
UiPath, which started in a ten-person apartment in Romania in 2005, is now present in almost 30 countries, Daniel Dines, CEO and co-founder, wrote in a letter to investors. “Starting a business from a small place without a market has a hidden advantage: it forces you to think globally from day one,” he wrote.
CEO’s control
Dines, who is also chairman, owns all of UiPath’s Class B shares, which represent 88.2% of the voting power in the company.
UiPath, now based in New York, showed a net loss of $ 92 million on revenue of $ 608 million in the fiscal year 2021 ending January 31st. It had $ 336 million in revenue a year earlier.
The offer is led by Morgan Stanley en JPMorgan Chase & Co. UiPath’s shares are expected to start trading on the New York Stock Exchange under the symbol PATH on Wednesday.
(Updates to the statement in the second paragraph)