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.