UiPath files to raise up to $1.1 Billion in U.S. IPO

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UiPath Inc., an automation software maker, and its shareholders are seeking to raise up to $1.1 billion in its U.S. initial public offering.

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UiPath is offering 6.8 million shares while shareholders including its chairman, Accel and Alphabet Inc’s investment fund, will offer 14.5 million shares, according to a prospectus filed with U.S. Securities and Exchange Commission Monday. The IPO shares, all class A, are being marketed at $43 to $50 each.

At the top end of the price range, UiPath would have a market capitalization of $25.8 billion, according to the total number of shares outstanding listed in the prospectus.

Started in an apartment in Romania with 10 people in 2005, UiPath now has a presence in close to 30 countries, Chief Executive Officer and co-founder Daniel Dines wrote in a letter to investors. “Starting a company from a small place with no market has a hidden advantage: It forces you to think globally from day one,” he wrote.

Dines, who is also chairman, owns all UiPath’s class B shares, which represent 88.2% of the voting power in the company, the filing showed.

UiPath said in July that it was valued at $10.2 billion in a funding round, up from a valuation of $7 billion in a previous round in 2019.

UiPath reported a net loss of $92 million on $608 million revenue in the 2021 fiscal year ending in January. Its net loss narrowed from $520 million a year ago thanks to foreign exchange gains. It had $336 million in revenue a year earlier.

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

— Crystal Tse (Bloomberg Mercury)

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