Automation technology startup UiPath set up by Romanian Daniel Dines said on Tuesday it sold shares in its initial public offering (IPO) above its target range to raise USD 1.34 billion. UiPath has officially listed on the New York Stock Exchange (NYSE) on Wednesday.
UiPath announced the pricing of its initial public offering of 23,890,777 shares of Class A common stock at a price to the public of $56.00 per share. UiPath is offering 9,416,384 shares of Class A common stock and the selling stockholders named in the prospectus are offering 14,474,393 shares of Class A common stock. In addition, UiPath has granted the underwriters a 30-day option to purchase up to 3,583,616 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions. UiPath will not receive any proceeds from the sale of shares by the selling stockholders.
The shares are trading on the New York Stock Exchange under the ticker symbol “PATH” on April 21, 2021, and the offering is expected to close on April 23, 2021, subject to customary closing conditions.
UiPath was launched in 2015 with a team of 10 people based in Bucharest, Romania, by former Microsoft executives Daniel Dines and Marius Tirca.
The tech startup has seen demand for its robotic process automation services soar, as more companies shifted to remote working during the COVID-19 pandemic.
“Today marks a major milestone for UiPath. Six years ago, our company had only 10 people, working in a small apartment in Bucharest. Now, we are a multinational business operating in almost 30 countries and one of the fastest-growing enterprise software companies in history. I am also incredibly proud that we are the first company born in Romania to be listed on the New York Stock Exchange.
I look with modesty at our rapid and extraordinary growth, which has been made possible by our employees, investors, advisors, partners, and over 7,900 customers – all sharing our vision to unleash human creativity and ingenuity through Fully Automated Enterprise ™ – a fully automated organization – and supporting employees through automation.
I really want to pay special tribute to the employees of UiPath, who embody the values of our company every day and who have worked tirelessly to make our mission and vision a reality. I will be forever grateful to them for their determination, innovation, and modesty.
Although today marks a new chapter in the story of UiPath, we are still at the beginning of a journey of many years to a fully automated enterprise – a fully automated organization. We will continue to focus on expanding automation on a large scale so that we can free people from repetitive work and truly unlock human potential on a large scale,” said co-founder Daniel Dines for economedia.ro.