UiPath, a New York robotics automation company, on Friday said it had filed with the Securities and Exchange Commission for an initial public offering.
The move comes not long after UiPath raised fresh capital from investors at a valuation of $35 billion, making the company one of the most valuable privately held tech businesses in the U.S., CNBC reported.
The company, which plans to list on the New York Stock Exchange under the ticker symbol PATH, aims to raise $1 billion in the IPO, the SEC Form S-1 says.
It has not detailed the number of shares it plans to offer or the estimated price range.
In the fiscal year ended Jan. 31, UiPath narrowed its net loss to $92.3 million, or 55 cents a share, from $519.9 million, or $3.41 a share, in fiscal 2020. Shares outstanding fell 9.4% to 152.4 million.
Revenue rose 81% to $607.6 million from $336.2 million. And the company turned cash-flow positive in fiscal 2021.
The underwriters for the IPO are led by Morgan Stanley and JPMorgan.
UiPath was co-founded in 2005 in Romania by Daniel Dines, who is chairman and chief executive, and Marius Tirca, Reuters said. Dines, 49, is a former software development engineer at Microsoft. (MSFT) - Get Report
The company uses artificial intelligence to automate repetitive and routine back-office tasks, media reports said.
“Our platform leverages the power of artificial intelligence, or AI, based computer vision to enable our software robots to perform a vast array of actions as a human would when executing business processes,” the SEC filing says.
“These actions include, but are not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, and updating information fields and databases.
“Our robots’ ability to learn from and replicate workers’ steps in executing business processes drives continuous improvements in operational efficiencies and enables companies to deliver on key digital initiatives with greater speed, agility, and accuracy.”