GitLab, which provides software development and collaboration tools for programmers, raised $801 million by offering 10.4 million shares (19% secondary) at $77, well above the upwardly revised range of $66 to $69. The company originally planned to offer shares at $55 to $60, before raising the range on Tuesday.
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's net dollar-based retention rate was 152% as of July 31, 2021, and its cohort of customers generating $5,000+ in ARR grew from 1,662 as of January 31, 2020 to 3,632 as of July 31, 2021.
GitLab 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 acted as joint bookrunners on the deal.
