UiPath, the robotic process automation (RPA) software producer that counts internet technology conglomerate Alphabet and internet group Tencent as investors, closed its initial public offering at almost $1.54bn on Friday.
The company issued 9.4 million shares on Wednesday priced at $56.00 each, above the $52 to $54 range for the offering, while investors including Alphabet unit CapitalG sold nearly 14.5 million more shares.
The extra shares bumped the number issued by UiPath to 13 million and the move came after UiPath’s shares rose significantly post-IPO. They are currently trading at $77.60 on the New York Stock Exchange.
UiPath provides RPA technology enabling enterprises to automate repetitive back-office tasks, and it made nearly $608m in revenue in 2020 together with a $92.4m net loss. The company had raised a total of approximately $2.05bn prior to the offering.
Daniel Dines, the company’s co-founder, chairman and CEO, owns all of its 82.5 million class B shares and approximately 6.4% of its 422 million class A shares. Accel holds 23.9% of its class A shares post-IPO, Earlybird 9.4% and CapitalG 6.9%.
CapitalG first invested in UiPath through a $153m series B round in March 2018 alongside Accel, Kleiner Perkins Caufield & Byers, Credo Ventures, Earlybird’s Digital East Fund and Seedcamp, valuing it at $1.1bn.
The company completed a $265m series C round co-led by CapitalG and Sequoia Capital that included Accel, IVP, Madrona Venture Group and Meritech Capital in November the same year.
Coatue led UiPath’s $568m series D round in mid-2019, investing with CapitalG, Accel, Sequoia, IVP, Madrona Venture Group, Dragoneer, Wellington Management, Sands Capital and funds and accounts advised by T Rowe Price, valuing it at $7bn.
UiPath increased its valuation to $10.2bn in a $225m series E round in July 2020 that was led by Alkeon Capital Management and backed by Tencent, Coatue, Dragoneer, Sequoia, Tiger Global Management, IVP, Accel, Madrona Venture Group, Wellington Management and funds and accounts advised by T Rowe Price.
Coatue and Alkeon Capital co-led the company’s most recent round, a $750m series F last month that included Altimeter Capital, Dragoneer, IVP, Sequoia Capital, Tiger Global and funds and accounts advised by T Rowe Price at a $35bn valuation.
The lead bookrunners for the IPO were Morgan Stanley and JP Morgan, and BofA Securities, Credit Suisse, Barclays and Wells Fargo Securities were bookrunners.
SMBC Nikko, BMO Capital Markets, Mizuho Securities, KeyBanc Capital Markets, TD Securities, Truist Securities, Cowen, Evercore ISI, Macquarie Capital, Nomura and RBC Capital Markets were passive bookrunners. Canaccord Genuity, DA Davidson, Oppenheimer and Needham & Company were co-managers.
