The New York-based company plans to sell 21.3 million shares priced $43 to $50 per share, raising about $1.06 billion. UiPath was valued at $35 billion during a funding round earlier this year.
UiPath 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.
UiPath, run by the former Microsoft employee Daniel Dines, posted 81% higher revenue, of $607.6 million, in the fiscal year ended January 31, 2021, while its net losses shrunk to $92.4 million from $520 million.
In February 2021, UiPath closed a new Series F funding, worth $750 million, that hiked its post-money valuation to $35 billion. The round was co-led by investors Alkeon Capital, Coatue. Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds and accounts advised by T. Rowe Price Associates, Inc.
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, a service that has gained popularity during the COVID-19 pandemic.
UiPath’s self-proclaimed mission is “to unlock human creativity and ingenuity by enabling the Fully Automated Enterprise and empowering workers through automation.” Its Automation Platform aims to “transform the way humans work” by giving companies a way to build out and run automations across departments.