UiPath Inc. and its shareholders raised $ 1.3 billion in an initial public offering, valuing shares across a range traded, but valuing the automation software maker under the February funding round.
The company and investors on Tuesday sold nearly 24 million shares for $ 56 each, according to one statement confirming a previous Bloomberg News report. The shares traded between $ 52 and $ 54, a range the company raised Monday from $ 43 to $ 50.
The listing provides the company with a market value of $ 29 billion, based on the outstanding shares listed in its prospectus filed with the US Securities and Exchange Commission. Including employee stock options and restricted stock units, this valuation is in excess of $ 31 billion.
UiPath raised $ 750 million in a fundraising round in February, valued at $ 35 billion. This round was led by Alkeon Capital and Coatue, according to a statement at that time. A decline in some software stocks since then – including Snowflake Inc., which fell 20 percent from Feb. 1 – played a role in the IPO pricing decision, said a person familiar with the issue who asked not to be identified because the information was private.
The rating is still three times higher than in July, when the company said it was valued at $ 10.2 billion in a round of funding, compared to a valuation of $ 7 billion in a round in 2019.
UiPath co-founder and CEO of UiPath Daniel Dines
(Photo by Noam Galai / Getty Images for TechCrunch)
In the IPO, UiPath sold approximately 9.4 million shares, while shareholders, including its chairman and supporters Accel and Alphabet Inc. Investment Fund offered 14.5 million, according to his documents.
Started in an apartment in Romania with 10 people in 2005, UiPath has a presence in almost 30 countries, wrote the executive director and co-founder Daniel Dines in a letter to investors. “Setting up a company in a small place without a market has a hidden advantage: it forces you to think globally from day one,” he wrote.
CEO control
Dines, who is also president, holds all the class B shares of UiPath, which represents 88.2% of the company’s voting power, the file shows.
UiPath, now based in New York, reported a net loss of $ 92 million on revenue of $ 608 million in fiscal year 2021 ended January 31. Its net loss fell from $ 520 million a year ago due to foreign exchange gains. It had revenues of $ 336 million a year earlier.
The offer is led by Morgan Stanley and JPMorgan Chase & Co. expects UiPath shares to begin trading on the New York Stock Exchange on Wednesday under the symbol PATH.
(Updates with statement in the second paragraph)