Automation software maker, UiPath Inc. and its shareholders seeks to raise up to $1.1 billion in its US initial public offering, according to Bloomberg. The company will offer 6.8 million shares while shareholders will offer 14.5 million shares.
UiPath’s shares are all class A and are being marketed at $43 to $50 each.
Started in 2005, UiPath has a presence in close to 30 countries.
UiPath’s CEO and co-founder Daniel Dines owns all of the company’s class B shares, which represent 88.2% of the voting power.
In July, UiPath’s valuation jumped to $10.2 billion from $7 billion after a funding round.
For the fiscal year ending January 2021, the automation software maker reported a net loss of $92 million on $608 million revenue.
UiPath plans to list on the New York Stock Exchange under ticker PATH and will have a market capitalization of $25.8 billion at the top of share issue range.
