UiPath Boosts IPO Price Range, Aims for 28B Valuation

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Reuters Automation tech startup UiPath on Monday boosted the price range for its initial public offering IPO in New York, and is now targeting a valuation of nearly 28 billion, setting the stage for yet another highprofile tech listing this year.

UiPaths planned debut comes amid a flurry of major tech listings from the Silicon Valley, as a number of startups look to capitalize on the skyhigh investor demand for new, highgrowth tech stocks.

A number of richlyvalued startups such as cryptocurrency exchange Coinbase Global and South Korean ecommerce startup Coupang have already tapped into the redhot capital markets this year, while other big unicorns such as electric vehicle startup Rivian and Microsoftbacked DataBricks are set to go public later this year.

Companies have already raised nearly 150 billion through public listings this year, according to data from Dealogic.

The overall IPO fundraising is poised to comfortably eclipse last years alltime record of nearly 168 billion, according to investment bankers.

UiPath said it would now aim to raise around 1.3 billion, selling 23.9 million shares along with a group of stockholders, priced between 52 and 54 each. The company had earlier planned to raise about 1.06 billion.

The software maker is looking to receive up to 508 million from the IPO, excluding proceeds from shares offered by the selling stockholders.

The company, which counts the likes of Accel, Dragoneer and Coatue Management among its prominent backers,…

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