UiPath, a New York-based automation software company, has filed for an initial public offering to raise up to $1.1 billion and plans to trade on the New York Stock Exchange under the ticker symbol “PATH,” Bloomberg reported Monday.
UiPath and its shareholders plan to offer a total of 21.3 million class A shares at a price of $43 to $50 apiece that would give the company a market capitalization of $25.8 billion, according to a Securities and Exchange Commission filing.
Of the total, 14.5 million shares are being offered by UiPath Chairman and CEO Daniel Dines, Alphabet’s investment fund and Accel.
Morgan Stanley and JPMorgan Chase & Co. are overseeing the IPO.
In December, UiPath confidentially filed a draft registration statement with SEC for the proposed offering of its Class A common stock.