UiPath boosts price range to increase IPO target to $1.3B

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UiPath Inc., an automation software maker, and existing shareholders are seeking to raise as much as $1.3 billion from a U.S. initial public offering after boosting the targeted price range.

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UiPath and its backers are now offering 23.9 million shares at $52 to $54 apiece, it said in a filing Monday, confirming an earlier Bloomberg News report. The company was previously marketing a sale of 21.3 million shares at $43 to $50 apiece, seeking to raise as much as $1.1 billion.

A higher range usually indicates that there’s strong demand for a company’s shares on its investor roadshow. Technology listings are coming off a mixed week where Coinbase Global Inc. stock whipsawed on its debut and mobile apps company AppLovin Corp. fell almost 19% on its first day of trading.

UiPath specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

In February, the company raised funds at a $35 billion valuation. It’s backed by investors including Accel and Alphabet Inc.’s CapitalG investment fund.

Morgan Stanley and JPMorgan Chase & Co. are leading the offering. UiPath plans to list on the New York Stock Exchange under the symbol PATH.

— Katie Roof, Liana Baker and Crystal Tse (Bloomberg Mercury)

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