Founded by Ukrainian Dmytro Zaporozhets, the DevOps Platform GitLab is taking over Nasdaq and Times Square with a valuation of $12 billion!
- The unicorn, whose code-sharing software competes with Microsoft’s GitHub, raised about $800 million in its IPO, in a 10.4 million-share offering, at a price of $77 a share, and investors bought additional stock from an entity tied to CEO Sid Sijbrandij.
- GitLab’s 143,534,821 shares outstanding at its IPO price were worth $11.1 billion. Doing a bit more math, the company’s fully diluted valuation lands around the $12.6 billion mark.
- Revenue in the second quarter jumped 69% from a year earlier to $58.1 million.
- GitLab specializes in so-called DevOps software, which allows software developers and operators to collaborate on projects to provide faster and more relevant software updates to their internal systems on a near-constant basis. The software allows a company’s development, operations, IT, security and business teams to all work on a common platform.
- Goldman Sachs, J.P. Morgan, B of A. Securities, UBS Investment Bank, and RBC Capital Markets are among the underwriters, and 143 million shares are expected to be outstanding after the offering, or 143.5 million if overallotment options are exercised by underwriters.
Congratulations to the team!
Via TechCrunch, Bloomberg, MarketWatch