Robotic process automation startup UiPath Inc is targeting a valuation of nearly $26 billion in its U.S. initial public offering (IPO), a regulatory filing on Monday showed.
The New York-based company plans to sell 21.3 million shares priced at between $43 and $50 per share, raising about $1.06 billion. UiPath was valued at $35 billion during a funding round earlier this year.
The company uses artificial intelligence and low-code tools to help large corporations and government agencies automate repetitive and routine tasks in areas such as accounting and human resources, a service that has gained popularity during the COVID-19 pandemic.
Founded in 2005 in Romania by former Microsoft executive Daniel Dines and Marius Tirca, the company reported a surge in revenue during the health crisis, a filing last month revealed.
UiPath investors include Accel, Coatue, Dragoneer, IVP and Sequoia.
It will list its shares on the New York Stock Exchange under the symbol “PATH”. Morgan Stanley and J.P.Morgan are the offering’s lead underwriters.
-Reuters