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Software maker UiPath sets terms for $990 million IPO

April 12, 2021

UiPath, which provides software for robotic process automation, announced terms for its IPO on Monday.

The New York, NY-based company plans to raise $990 million by offering 21.3 million shares (68% insider) at a price range of $43 to $50. At the midpoint of the proposed range, UiPath would command a fully diluted market value of $26.0 billion.

UiPath provides a set of capabilities to discover automation opportunities and build, manage, run, engage, measure, and govern automations across departments within an organization. As of January 31, 2021, the company had 7,968 customers, including 80% of the Fortune 10 and 63% of the Fortune Global 500, with names such as Adobe, Chipotle Mexican Grill, CVS Health, and Uber Technologies.

UiPath was founded in 2005 and booked $608 million in revenue for the 12 months ended January 31, 2021. It plans to list on the NYSE under the symbol PATH. Morgan Stanley, J.P. Morgan, BofA Securities, Credit Suisse, Barclays and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.