GitLab, which provides software development and collaboration tools for programmers, announced terms for its IPO on Monday.
The company plans to raise $598 million by offering 10.4 million shares (19% secondary) at a price range of $55 to $60. At the midpoint of the proposed range, GitLab would command a fully diluted market value of $9.4 billion.
GitLab offers The DevOps Platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes, and allows everyone to contribute to build better software. The DevOps Platform is used globally by organizations of all sizes across a broad range of industries. The company employs a land-and-expand sales strategy, and its sales force is amplified by its strategic hyperscaler partnerships, including Google Cloud and Amazon Web Services.
GitLab was founded in 2011 and booked $196 million in revenue for the 12 months ended July 31, 2021. It plans to list on the Nasdaq under the symbol GTLB. Goldman Sachs, J.P. Morgan, BofA Securities, UBS Investment Bank, RBC Capital Markets, Truist Securities, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of October 11, 2021.
