Coding platform GitLab valued at US$13.48 billion in strong market debut

GitLab Inc shares opened about 22per cent above their offer price in their Nasdaq debut on Thursday, giving the software development platform a market capitalization of US$13.48 billion.

The company, whose customers include Nvidia Corp, Siemens AG and Goldman Sachs Group Inc, sold 8.42 million shares in its IPO. A selling stockholder affiliated with co-founder and Chief Executive Officer Sytse Sijbrandij sold 1.98 million shares. Software and technology companies such as UiPath Inc and Coupang Inc have made strong U.S. market debuts in the past year, thanks to robust investor appetite for high-growth companies.

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