Shares of New York-based UiPath rose significantly on the first day of trading Wednesday, hitting $70.72 before eventually settling at $69 at market close.
Subscribe to the Crunchbase Daily
UiPath priced shares at $56 on Tuesday — just above its expected price range of $52 to $54 per share. The pricing allowed the company to raise approximately $1.34 billion through its offering of 23.9 million shares.
The company ended the day with a market cap of approximately $35.6 billion. In February, UiPath raised a $750 million Series F co-led by existing investors Alkeon Capital and Coatue at a post-money valuation of $35 billion
Through software, UiPath’s robotic process automation platform automates repetitive, noncomplex tasks in the workplace — such as invoicing, data entry and even customer service and marketing — as they look to save costs and push efficiency.
According to UiPath’s S-1 filing, IDC estimates the sector of intelligent process automation hitting $17 billion by the end of 2020, and $30 billion by the end of 2024. UiPath, however, said it believes the current total global market is more likely around $60 billion.
UiPath saw 81 percent year-to-year revenue growth, increasing from $336.2 million for its fiscal year ended Jan. 31, 2020, to $607.6 million for the fiscal year just ended, according to its S-1. The company also significantly trimmed its net losses from $519.9 million in 2020 to $92.3 million, and flipped an operating cash burn of $359.4 million to a positive operating cash generation of $29.2 million.
Illustration: Li-Anne Dias.
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.