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.