GitLab moves ahead with its plan of going public

3 min read | September 21, 2021 04:14 PM NZST | By Sonal

Google News:

GitLab moves ahead with its plan of going public — Image source: sdx15, Shutterstock.com

Recent News

How Are Investors Assessing National Australia Bank (ASX:NAB) Using Va...

Why Did BHP (ASX:BHP) and Rio Tinto (ASX:RIO) Weigh on the ASX?

Which ASX Dividend Stocks Are Drawing Attention for Their Distribution...

Why Is Commonwealth Bank (ASX:CBA) Valuation Back in Focus?

Make Kalkine Media
My Trusted Source

Highlights

GitLab filed for a US IPO on 18 September.

The Group reported a 70% rise in revenue in the six months ended 31 July 2021.

GitLab has been working remotely since its inception in 2014.

GitLab provides cloud-based software that allows organisations to boost the overall return on software development by providing software more quickly and cost effectively. Every Group in any organisation can propose, develop, secure, and install software to propel business conclusions faster.

GitLab was incorporated in 2014 and has 30 million estimated registered users. GitLab had started as an open-source project three years before the Company’s inception and now has over 1,350 workforces for more than 65 countries working remotely since 2014.

GitLab company details and its IPO

The coding platform filed for an IPO on 18 September, joining the queue of tech firms going for IPOs. The Company plans to outstrip Atlassian and GitHub, which Microsoft purchased for US$7.5 billion 3 years ago.

DO READ: Investing in IPOs? 10 things to keep in mind

The Company had primarily intended to go public by November last year, but the pandemic halted its plans.

GitLab plans to list on NASDAQ under the ticker “GTLB”. JP Morgan, BofA Securities, and Goldman Sachs will be the lead underwriters for the Company’s IPO.

GitLab’s financial performance

For the six months ended 31 July 2021, the Group’s revenue rose approximately 70% YOY to over US$108 million. However, a net loss of US$69 million was also incurred for the same period, compared to US$43.6 million a year before.

The Group’s net revenue retention rate soared 152% in July, putting the Company amongst the top publicly traded firms. It is a key measure for subscription software firms as it reveals consumer success.

The software firm had a valuation of US$6 billion in a secondary share sale in late 2020. In addition, the Company has raised over US$400 million in external funding.

Road ahead

Many cloud-software companies are lining up to take the benefit of the present bull run. Toast that sells hardware and software to assist restaurants in managing orders and move to takeout will debut next week.

Another software company set to debut in the coming week is Freshworks, which offers software for sales organisations and customer service.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.