UiPath Inc. is launching its initial public offering at a valuation close to what it received from venture-capital investors, with help from automation it cheerfully calls “software robots.”
Late Tuesday, UiPath priced its IPO at $56 a share, raising more than $1.3 billion and giving the company an initial market capitalization of $29.1 billion, which is less than the self-valuation of $35 billion following a $750 million round of venture funding on Feb. 1. It’s expected to begin trading Wednesday on the New York Stock Exchange under the ticker “PATH.”
“We went against the rules of perfecting the business model first in one territory, and instead we rapidly expanded globally to the United States, Europe, and Asia simultaneously,” the CEO wrote in a letter. UiPath’s Class B shares carry 35 votes, while Class A shares — being offered in the IPO — carry one vote. The S-1 filing revealed that CEO Dines holds 100% of the Class B shares and 6.5% of the Class A shares, for 88.1% of the voting power.
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