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UiPath IPO Estimated $43-$50 a Share, Could Raise $1.06 Billion

Process-automation software maker UiPath set the estimated price of its IPO at $43 to $50 a share. The offer could raise as much as $1.06 billion.
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Process-automation software maker UiPath set the estimated price of its IPO at $43 to $50 a share. 

The initial public offering could raise as much as $1.06 billion and value the New York company at up to $28.5 billion.

UiPath says on the website that its technology "makes it easy to build, deploy and manage software robots that emulate humans actions interacting with digital systems and software. 

"Just like people, software robots can do things like understand what’s on a screen, complete the right keystrokes, navigate systems, identify and extract data, and perform a wide range of defined actions. 

"But software robots can do it faster and more consistently than people, without the need to get up and stretch or take a coffee break."

UiPath plans to sell 6.8 million shares, while current holders will sell an additional 14.5 million shares, according to a regulatory filing with the Securities and Exchange Commission.

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The shares will trade on the New York Stock Exchange under the symbol PATH.

UiPath reported $580 million in annual recurring revenue for last year, up 65% from a year earlier. 

The company has nearly 8,000 clients and more than 1,000 customers with more than $100,000 in annual recurring revenue billings. 

For fiscal 2021 ended Jan. 31 UiPath reported a loss of $92 million, narrowed from the $520 million loss for fiscal 2020. Revenue jumped 81% to $607.6 million.

Morgan Stanley and JPMorgan are leading the offering with Credit Suisse, Bank of America, Barclays and Wells Fargo as bookrunners. 

The company was founded in 2005 in Bucharest, Romania. Investors include Accel, Coatue, Dragoneer, IVP and Sequoia.