New York-based software firm UiPath is expected to go public this week. The $28 billion IPO may be as hot as data-outfit Snowflake, says rob_cyran.
The company's revenue from software robots that replace humans doing boring back-office tasks is growing 80% annually. A valuation of over 40 times last year's sales looks feverish in objective terms, but cheap relative to in-demand technology peers like data outfit Snowflake.
Context NewsUiPath raised the indicated range for its upcoming initial public offering on April 19 and is now seeking a valuation of up to $28 billion based on shares outstanding. The New York-based company produces software that automates repetitive back-office tasks in areas such as human resources and accounting. UiPath is selling 9.4 million new shares and existing investors are selling 14.5 million shares at an indicative price between $52 and $54 each. Underwriters also have the option to buy an additional 3.6 million shares from the company.
UiPath's revenue for the year ending Jan. 31 was $608 million, an increase of 81% from the prior year. The company’s operating loss was $110 million, compared to a loss of $517 million the previous year.The company is expected to price its IPO on April 20 with the shares starting to trade on April 21.
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