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After the IPO, UiPath stood at an initial market cap lower than the self-valuation of $35 billion after a funding round held on the 1st of February.
UiPath (NYSE: PATH) has secured $1.3 billion in its market debut through an initial public offering (IPO) on the 20th of April. On the day, the company sold nearly 24 million shares at $56 each. Before the public debut, the shares were marketed between $52 to $54.
Initially, UiPath said it would be offering about 24.5 million shares at $43 to $50 per share. As such, the company hoped to secure up to $1.22 billion. However, the company increased the price range to $50 to $54 per share on the 19th of April, ahead of the IPO.
After the IPO, the company stood at an initial market cap lower than the self-valuation of $35 billion after a funding round held on the 1st of February. The company’s market cap after the IPO was about $29.1 billion. UiPath said trading would begin today on the New York Stock Exchange, under the ticker “PATH.”
MarketWatch said in an earlier report that UiPath filed for an IPO on the 26th of March. At the time, the software company said it was looking to raise $1 billion from the IPO. MarketWatch revealed that 22 banks, led by Morgan Stanley (NYSE: MS), would be acting as underwriters on the deal. Some of the other underwriters are JPMorgan (NYSE: JPM), Credit Suisse (NYSE: CS), Barclays (NYSE: BCS), BofA Securities (NYSE: BAC), and Wells Fargo Securities. According to the company, the generated funds will be used generally on corporate matters, including acquisitions.
At the beginning of this year, Coinspeaker noted UiPath’s IPO as one to look out for. Coinspeaker said that the UiPath filed for a confidential registration with the US Securities and Exchange Commission (SEC) for an IPO in December 2020.
UiPath Customers Grew 33% During Pandemic Year
As of 31st of January, UiPath said it has almost 8,000 customers. According to the company, 63% of the total number of customers are in the Fortune Global 500. Whereas the software company claimed it had around 700 customers in 2018.
In 2020, UiPath said its customer base grew 33% despite the pandemic.
“As the pandemic persisted, global demand for automation continued to accelerate as automation became essential for business execution and performance in a remote working environment,” the company wrote.
UiPath specializes in software that develops a platform for robotic process automation. The company separates itself from its rivals by letting employees with no coding experience customize artificial intelligence capabilities.
“Our platform leverages the power of artificial intelligence, or AI, based computer vision to enable our software robots to perform a vast array of actions as a human would when executing business processes. These actions include, but are not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, and updating information fields and databases,” UiPath said in a filing with the SEC.