Software Development Platform Gitlab Seeks $624 Million in IPO
(Bloomberg) -- Software development platform Gitlab Inc. and existing investors filed to raise as much as $624 million in a U.S. initial public offering.
The company will offer 8.42 million shares while co-founder and Chief Executive Officer Sytse Sijbrandij will sell 1.98 million, according to a Monday filing to the U.S. Securities and Exchange Commission. Shares are priced at $55 to $60 apiece, the filing showed.
At the top end of that range, Gitlab will be valued at $8.6 billion, according to the number of shares outstanding listed in the prospectus. A remote-only company, Gitlab does not have a headquarters.
Proceeds of the offering will be used for general corporate purposes and working capital. The main purpose of the listing is to provide a public market for its shares and ito ncrease the visibility of the company, the company said in the prospectus.
Gitlab is an operating platform that services software engineers in the development process. Goldman Sachs Group Inc., UBS Group AG, Siemens AG and ZipRecruiter Inc. are among its customers.
The offering is being led by Goldman Sachs, JPMorgan Chase & Co. and Bank of America Corp. Gitlab will list on the Nasdaq Global Market under the symbol GTLB.
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