By Krystal Hu and Echo Wang
(Reuters) -UiPath, an automation technology startup, said on Tuesday it had sold shares of the initial public offering (IPO) over the target range to raise $ 1.34 billion.
The company said it priced 23.89 million shares at $ 56 a share.
UiPath, which includes Accel, Dragoneer and Coatue Management among its supporters, uses artificial intelligence and digital tools to help large corporations and government agencies automate routine tasks in areas such as accounting and human resources.
On Monday, the company increased its target range to $ 52-54 per share, up from $ 43 to $ 50. Of the shares sold, 9.4 million were from UiPath and about 14.5 million were from existing investors.
The IPO estimates UiPath at $ 29 billion.
The software manufacturer’s debut comes amid a flurry of major technology listings, as startups try to capitalize on high investor demand for new, high-growth technology stocks.
UiPath was launched in 2015 with a team of 10 people based in Bucharest, Romania, by former Microsoft executives Daniel Dines and Marius Tirca.
The technology startup has seen demand for its robotic process automation services grow as more companies switched to remote work during the COVID-19 pandemic.
UiPath shares are scheduled to begin trading on the New York Stock Exchange on Wednesday under the symbol “PATH”. Morgan Stanley and JP Morgan are the main subscribers to the IPO.
(Reporting by Krystal Hu in New York and Echo Wang in Miami; Additional reporting by Shubham Kalia in Bengaluru; Editing by Greg Roumeliotis and Shounak Dasgupta)