UiPath, which provides software for robotic process automation, raised $1.3 billion by offering 23.9 million shares (61% insider) at $56, above the upwardly revised range of $52 to $54. The company originally planned to offer 21.3 million shares (68% insider) at a range of $43 to $50, before revising the terms on Monday.
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 plans to list on the NYSE under the symbol PATH. Morgan Stanley, J.P. Morgan, BofA Securities, Credit Suisse, Barclays and Wells Fargo Securities acted as lead managers on the deal.
