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UiPath Valued at $35B, Reveals Revenue Surge Ahead of IPO

(Reuters) - Robotic process automation startup UiPath on Friday disclosed its filing for an initial public offering (IPO) in New York, weeks after it raised fresh capital from investors at a valuation of $35 billion.

UiPath said it is aiming to raise $1 billion in the IPO. The company, however, did not reveal the number of shares it plans to offer or the price range, indicating that the figure is a placeholder amount.

In a regulatory filing, the New York-based company revealed its total revenue jumped 81% in the year ended Jan. 31, 2021 to $607.6 million, while net losses narrowed significantly to $92.4 million from $519.9 million a year earlier.

UiPath, which joins hundreds of other companies that are seeking to tap into the red-hot U.S. IPO market, had considered going public through a direct listing, but ultimately opted for a traditional stock market flotation, people familiar with the matter said.

The company, founded in 2005 in Romania by former Microsoft executive Daniel Dines and Marius Tirca, competes with the likes of Automation Anywhere and United Kingdom-based Blue Prism.

UiPath helps automate repetitive and routine tasks in areas such as accounting and human resources, key focus for global companies looking to simplify operations and cut costs during the pandemic.

In February, the company raised $750 million in a funding round that valued it at $35 billion, more than three times its valuation in an investment round last July.

Investors in the latest round included Alkeon Capital, Coatue, Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global and funds advised by T. Rowe Price Associates Inc.

UiPath will list its shares on the New York Stock Exchange under the symbol “PATH”

Morgan Stanley and J.P.Morgan are the offering’s lead underwriters.

Reporting by Anirban Sen and Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila and Vinay Dwivedi

Source: Reuters

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