Daniel Dines UiPath founder and CEO

UiPath set for Wall Street debut

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UiPath, the Romanian developer of robotic process automation (RPA) software, on March 26, filed IPO documents for its upcoming New York Stock Exchange (NYSE) debut. The move comes, as the company’s revenue grew 81% year-over-year to $607.6 million for the fiscal year ended January 31, 2021, according to the filing. It also recorded a net loss of $92.4 million for that same period.

Its public S-1 with the Securities and Exchange Commission (SEC) says UiPath intends to list Class A common stock, though the number of shares and price range for the proposed offering have yet to be determined. The lead underwriters include Morgan Stanley, J.P. Morgan, BofA Securities, Credit Suisse, Barclays and Wells Fargo Securities.

In February, UiPath hit a valuation of $35 billion with a $750 million Series F funding round according to PitchBook data. The round was co-led by existing investors Alkeon Capital and Coatue. Other returning investors include Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.

UiPath Balance sheet

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Started in 2005 as a 10-people team based in Bucharest, led by entrepreneurs Daniel Dines and Marius Tirca, the company became a leader in the global RPA industry. Headquartered in New York to be closer to its international customer base, UiPath was named the top tech company and #2 overall in the Financial Times FT1000 ranking of Americas’ fastest growing companies in 2020.

Dines (pictured) currently owns all of UiPath’s Class B shares, giving him 91% of the voting power. Tirca, does not appear to have a significant stake in the company.

“Our mission is to unlock human creativity and ingenuity by enabling the fully automated enterprise and empowering workers through automation,” the company wrote in the S-1, adding that it had 7,968 customers as of Jan. 31, including 63% of Fortune Global 500 firms. Large clients include Adobe, Chevron, CVS Health, Uber and other major companies.

UiPath is expected to raise well over $1 billion and the deal -which is likely to be one of this year’s largest- should hit the markets this month. Proceeds of the deal will be used for general corporate purposes, which could including acquisitions.

UiPath’s shares will trade on NYSE under the ticker PATH. Investors take note.

UPDATE 21/04/2021

UiPath rose 17% in the company’s NYSE debut on Wednesday after the Romania-born developer of robotic process automation and its investors reeled in $1.34 billion in the company’s IPO. The shares opened at $65.50.