Bloomberg
UiPath Rises in Trading Debut After $1.3 Billion Software IPO
(Bloomberg) — Automation software maker UiPath Inc. climbed in its trading debut after its $1.3 billion initial public offering, surpassing its valuation in a private funding round this year.The shares closed up 23% to $69 Wednesday in New York, giving UiPath a market valuation of about $36 billion and a fully diluted value, including employee stock options and restricted stock units, of more than $38 billion. The company and investors sold almost 24 million shares on Tuesday for $56 each.While the IPO priced above a marketed range, it still left the company with a lower valuation than in a February financing round. With Wednesday’s trading gains, UiPath exceeded its $35 billion valuation at the time of that $750 million investment.That round was led by Alkeon Capital and Coatue, according to a statement at the time. A dip in some software stocks since then — including Snowflake Inc., which is down 18% from Feb. 1 — played a part in the IPO pricing decision, said a person familiar with the matter who asked not to be identified because the information was private.UiPath is right below Snowflake, which had a market value of $33 billion at the time of its IPO in September, as one the most valuable software companies to go public on a U.S. exchange. UiPath’s market capitalization was on par with that of Applovin Corp., which also went public this month.Startups WatchingSilicon Valley startups are…
