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Highlights
- The GitLab IPO is inching closer and is expected to make a public debut on the Nasdaq Global Market.
- Under the GitLab IPO, the class A common stock will comprise 11,440,000 shares and the maximum offering price per share is US$ 60.
- The leading underwriters for the GitLab IPO will be JP Morgan Securities, UBS Securities, Goldman Sachs, RBC Capital Markets and BofA securities.
The San Francisco-based coding software provider GitLab is all set to go public on Thursday, October 14, after it recently priced its initial public offering. The cloud-based software provider has kept the price range of the offering between US$ 55 to US$ 60 per share.
GitLab could raise US$ 686.4 million if the shares are sold for the maximum price of US$ 60 apiece. The all-remote software company is expected to value over US$ 8 billion when it lists its common shares.
GitLab is looking to capitalize on its strong revenue growth in the latest financial year, where its revenues increased by 87 per cent year-over-year (YoY) to US$ 152.2 million. As investors continue to witness a series of IPOs this year, the question arises whether you should consider investing in the GitLab stock?
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In this article, we have compiled information about the software provider and its upcoming IPO to help you decide.
All you need to know about the GitLab IPO
GitLab is looking to list its shares on the Nasdaq Global Market, and it will trade under the stock symbol 'GTLB'. The class A common stock will comprise 11,440,000 shares and the maximum offering price per share is US$ 60.
According to Form S-1 filed with the US Securities and Exchange Commission (SEC), the underwriters for the IPO would be JP Morgan Securities, UBS Securities, Goldman Sachs, RBC Capital Markets and BofA securities.
Before the initial public offering, GitLab had reportedly raised a total of US$ 414.9 million in funding through 11 funding rounds and investors in the company include August Capital VII, Khosla Ventures Funds and ICONIQ Strategic Partners Funds.
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Bottom line
Launched in 2014, GitLab has emerged as one of the leading platforms with a single codebase and interface. The software provider's data model brings business teams, software development, IT, operations, and security teams together and enables users to manage and secure their applications across any cloud.
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According to the GitLab website, it has 1,494 team members working remotely and is located in 66 countries. The San Francisco-based company has over 30 million estimated registered users and the platform is used by more than 100,000 organizations.
As of January 31, GitLab's cash and cash equivalents were US$ 282.9 million. Meanwhile, the gross profit increased to US$ 133.7 million for the fiscal year 2021 from US$ 71.9 million in 2020.
