Coding platform GitLab aims for nearly $9 billion valuation in U.S. IPO

[October 04, 2021]  (Reuters) -GitLab Inc, a coding platform backed by the likes of ICONIQ Capital and Khosla Ventures, is looking to raise as much as $624 million through an initial public offering in the United States, targeting a valuation of nearly $9 billion.

The company plans to sell 8.42 million shares of its class A common stock in the IPO, while existing shareholders are offering 1.98 million Class A shares that are priced between $55 and $60 per share, a regulatory filing showed on Monday.

GitLab, which creates online tools to reduce the software development cycle by allowing teams to collaborate, was last valued at $6 billion after a secondary share sale in January, according to startup data platform PitchBook.

Industry leaders such as Nvidia Corp, Siemens AG and Goldman Sachs are among its customers, according to the company's website.

Goldman Sachs, J.P. Morgan, and BofA Securities are the lead underwriters for the offering and the company plans to list on the Nasdaq under the symbol "GTLB".

(Reporting by Sohini Podder in Bengaluru; Editing by Maju Samuel and Uttaresh.V)

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