Shares of Romanian RPA leader UiPath jump 23% after NYSE IPO

Shares of Romanian RPA leader UiPath jump 23% after NYSE IPO
By Iulian Ernst in Bucharest April 22, 2021

UiPath, the biggest robotic processing automation (RPA) company in the world, launched by two Romanian entrepreneurs in Bucharest in 2015, hit a market capitalisation of over $35bn after its shares jumped 23% on its debut on the New York Stock Exchange (NYSE).

The company sold shares at $56 apiece late on April 20, above its expected price range of $52 to $54. At the closing price on April 21, UiPath had a market value of $35.8bn.

UiPath has set a price of $56 per share for its initial public offering (IPO), according to an official announcement.

The price was higher than the upper bound of the range announced on April 19 ($52-54) and significantly above the initial interval of $43-50.

The company’s valuation was thus set in the IPO at $29bn.

UiPath’s shares started trading on NYSE at $65.5 and climbed as high as $70 shortly after debut.

If underwriters buy their allotted shares, UiPath’s offering will be the third-biggest ever for a US software company, behind only cloud database vendor Snowflake, which raised $3.9bn in September, and Qualtrics, which pulled in $1.78bn in January after spinning out of SAP.

The total number of shares sold in the IPO is 23.89mn, which places the total value of the deal at over $1.33bn.

UiPath’s co-founder and CEO Daniel Dines, who still holds 109.5mn class A and Class B shares after the IPO, is now worth over $7.4bn. Dines thus officially becomes the richest Romanian.