By Krystal Hu and Echo Wang
(Reuters) – Automation technology startup UiPath on Tuesday sold shares in its initial public offering (IPO) above its target range to raise $1.34 billion, a person familiar with the matter said.
UiPath priced 23.89 million shares at $56 per share, the source said. The company on Monday had increased its indicated target range to $52 and $54 per share, up from $43 to $50. Of the shares sold, 9.4 million were by UiPath and about 14.5 million were from existing investors.
The IPO values UiPath at $29 billion.
The source requested anonymity as the details are not yet public. UiPath did not immediately respond to a request for comment.
The software maker’s debut comes amid a flurry of major tech listings, as startups look to capitalize on the sky-high investor demand for new, high-growth tech stocks.
The company, which counts the likes of Accel, Dragoneer and Coatue Management among its prominent backers, uses artificial intelligence and digital tools to help large corporations and government agencies automate routine tasks in areas such as accounting and human resources.
UiPath was launched in 2015 with a team of 10 people based in Bucharest, Romania, by former Microsoft executives Daniel Dines and Marius Tirca.
The tech startup has seen demand for its robotic process automation services soar, as more companies shifted to remote working during the COVID-19 pandemic.
UiPath’s shares are scheduled to start trading on Wednesday on the New York Stock Exchange under the symbol “PATH”. Morgan Stanley and J.P. Morgan are the lead underwriters on the IPO.
(Reporting by Krystal Hu in New York and Echo Wang in Miami; Editing by Greg Roumeliotis)
