Automation software developer UiPath Inc. is planning to raise $1.1 billion in its U.S. initial public offering. As confirmed from a prospectus filed with U.S. Securities and Exchange Commission on Monday, the New York City-based company is offering 6.8 million shares while shareholders such as Accel and Alphabet Inc’s investment fund will be offering up 14.5 million shares.
The IPO shares (all of which are marked as Class A) will be allocated a price tag ranging from $43 to $50 each. This would result in a market capitalization of $25.8 billion.
Founded in an apartment in Romania in 2005, UiPath has grown from a company of 10 people into a global powerhouse, with a presence in close to 30 countries. While many would view the company’s humble beginnings as a setback, co-founder and Chief Executive Officer Daniel Dines sees it as a hidden advantage. In a letter to investors, Dines commented that “starting a company from a small place with no market” forced him and his team to think on a global scale from day one.
UiPath reported a net loss of $92 million on $608 million revenue in the 2021 fiscal year. Despite this narrow loss, the company was valued at $10.2 billion during a funding round in July, up from its $7 billion valuation during a previous round of funding in 2019.
