In NYSE debut.
Shares of automation software provider UiPath jumped 23.21 percent in their New York Stock Exchange debut, underscoring investors appetite for high-growth tech stocks.
The stock closed its first day on the stock market at US$69 a share, up from its US$56 IPO price, giving the company a market capitalisation of US$35.82 billion. This is just a milestone, Daniel Dines, chief executive and co-founder told
Reuters in an interview. Starting from tomorrow, our focus is posting a good quarter, and we re really marching on our vision of empowering everyone through automation.
Backed by the likes of Accel, Dragoneer and Coatue Management, UiPath 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.
UiPath set to jump 14% in NYSE debut, potentially valuing it at over $33 bln
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Software maker UiPath valued at $34 billion in NYSE debut as shares jump 17%
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By Reuters Staff
3 Min Read
(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 high-profile tech listing this year.
UiPath’s planned debut comes amid a flurry of major tech listings from the Silicon Valley, as a number of startups look to capitalize on the sky-high investor demand for new, high-growth tech stocks.
A number of richly-valued startups such as cryptocurrency exchange Coinbase Global and South Korean e-commerce startup Coupang have already tapped into the red-hot capital markets this year, while other big unicorns such as electric vehicle startup Rivian and Microsoft-backed DataBricks are set to go public later this year.