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UiPath said it is aiming to raise $1 billion in the IPO. The
company, however, did not reveal the number of shares it plans
to offer or the price range, indicating that the figure is a
placeholder amount.
In a regulatory filing, the New York-based company revealed its
total revenue jumped 81% in the year ended Jan. 31, 2021 to
$607.6 million, while net losses narrowed significantly to $92.4
million from $519.9 million a year earlier.
UiPath, which joins hundreds of other companies that are seeking
to tap into the red-hot U.S. IPO market, had considered going
public through a direct listing, but ultimately opted for a
traditional stock market flotation, people familiar with the
matter said.
The company, founded in 2005 in Romania by former Microsoft
executive Daniel Dines and Marius Tirca, competes with the likes
of Automation Anywhere and United Kingdom-based Blue Prism.
UiPath helps automate repetitive and routine tasks in areas such
as accounting and human resources, key focus for global
companies looking to simplify operations and cut costs during
the pandemic.
In February, the company raised $750 million in a funding round
that valued it at $35 billion, more than three times its
valuation in an investment round last July.
Investors in the latest round included Alkeon Capital, Coatue,
Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and
funds advised by T. Rowe Price Associates Inc.
UiPath will list its shares on the New York Stock Exchange under
the symbol "PATH"
Morgan Stanley and J.P.Morgan are the offering's lead
underwriters.
(Reporting by Anirban Sen and Noor Zainab Hussain in Bengaluru;
Editing by Sriraj Kalluvila and Vinay Dwivedi)
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