UiPath Inc. shares they left the gate on the first trading day on Wednesday the following weeks, where the “software robots” company continued to raise its expected prices to reach its last private valuation.
UiPath PATH,
shares opened at $ 65.50 on Wednesday after the company priced its IPO at $ 56 a share for a valuation of more than $ 29 billion late Tuesday. From there, the shares rose to a high of $ 70.74, or more than 25% above their IPO price, closing the session at 23.1% at $ 69.00, for a market cap of 37, $ 77 billion, according to FactSet data.
Read: UiPath IPO: 5 things to know about the “software robots” company, valued at almost 30 billion dollars
The New York-based company initially applied for an IPO in late March, but at a valuation well below its $ 35 billion self-assessment, following a $ 750 million risk financing round on Feb. 1. From there, the company constantly increased the estimated price of its offer.
UiPath creates software that helps automate business tasks and differentiates itself from rivals, allowing employees with no coding experience to customize artificial intelligence capabilities.
“Traditional automation solutions to reduce this friction have generally been designed to be used by developers and engineers, rather than employees directly involved in the actual work that are automated,” the company said in its filing with Securities and Exchange Commission.
Recent IPOs have done quite well in the last 12 months with the IPO Renaissance IPO ETF,
gathering 117% during this time as the S&P 500 SPX index,
gained 52% and the Nasdaq composite technology index,
increased by 68%.