Gitlab Inc., a software development platform, raised $801 million in its initial public offering, which was priced beyond an advertised range. According to a statement, the company and co-founder Sytse “Sid” Sijbrandij sold 10.4 million shares for $77 each after marketing them for $66 to $69 each. Gitlab raised its price target from $55 to $60, up from a previous range of $55 to $60.
- Shares: Based on the outstanding shares mentioned in its filings with the US Securities and Exchange Commission, Gitlab has a market value of $ 11 billion at $77 a share. The company’s fully diluted valuation would be more than $12 billion after accounting for employee stock options and restricted stock units.
- Investors: Sijbrandij, the company’s CEO, had planned to sell 1.98 million shares at the IPO price, which would have been worth $152 million. According to the documents, August Capital, Alphabet Inc.’s GV, Iconiq Capital, and Khosla Ventures are among the company’s investors.
- Competes: Gitlab competes with Microsoft Corp.’s Github in providing software developers with collaboration capabilities. Customers include Goldman Sachs Group Inc., UBS Group AG, Siemens AG, and ZipRecruiter Inc.
- Proceedings: According to the company’s documents, the proceeds of the offering will be utilized for general corporate operations and working capital. The primary goal of the listing is to offer a public market for the company’s shares and to raise its visibility, according to the prospectus.
- Records: According to its records, the company recorded a net loss of $69 million on revenue of $108 million for the six months ending July 31. In the same period the prior year, the company lost $44 million on $64 million in revenue.
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