UiPath, which provides software for robotic process automation, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $1.3 billion by offering 23.9 million shares (61% insider) at a price range of $52 to $54. The company had previously filed to offer 21.3 million shares (68% insider) at a range of $43 to $50. Insider shares to be offered remained the same. At the midpoint of the revised range, UiPath will raise 28% more in proceeds than previously anticipated.
UiPath provides a set of capabilities to discover automation opportunities and build, manage, run, engage, measure, and govern automations across departments within an organization. As of January 31, 2021, the company had 7,968 customers, including 80% of the Fortune 10 and 63% of the Fortune Global 500, with names such as Adobe, Chipotle Mexican Grill, CVS Health, and Uber Technologies.
UiPath was founded in 2005 and booked $608 million in revenue for the 12 months ended January 31, 2021. It plans to list on the NYSE under the symbol PATH. Morgan Stanley, J.P. Morgan, BofA Securities, Credit Suisse, Barclays, Wells Fargo Securities, SMBC Nikko, BMO Capital Markets, Mizuho Investors, KeyBanc Capital Markets, TD Securities, Truist Securities, Cowen, Evercore ISI, Macquarie Capital, Nomura Securities and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
