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  • Saturday, April 27, 2024

UiPath Raises $1.34B in Stock Market Debut

UiPath (NYSE: PATH) raised $1.34 billion in its initial public offering Wednesday after the New York-based automation software company and its shareholders sold approximately 23.9 million shares at a price of $56 apiece, CNBC reported.

UiPath’s shares rose 23 percent to close at $69 apiece, giving the company a market valuation of $35.8 billion.

Daniel Dines, a former engineer at Microsoft (Nasdaq: MSFT), founded UiPath in 2005. He currently serves as CEO of UiPath, which operates with more than 2,800 employees, and holds 88 percent of the voting shares.

The software company posted $607.6 million in 2020 revenue, up 81 percent from the previous year, with a gross margin of 89 percent, according to the report.

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