The shares of UiPath Inc. flew out the door on their first day of trading on Wednesday following weeks as the “software robots” company continued to push up its expected prices to catch up with its recent private valuation.
Shares opened Wednesday for $ 65.50, after the company priced its initial public offering at $ 56 a share for a valuation of more than $ 29 billion late Tuesday. From there, the shares rallied to a high of $ 70.74, or more than 25% above their IPO price, pushing the session up 23.1% to $ 69.00 for a market cap of $ 37.77 billion , according to FactSet data.
Read: UiPath IPO: 5 Things You Need To Know About The Nearly $ 30 Billion ‘Software Robots’ Company
The New York-based firm initially filed its IPO in late March, but at a valuation well below its $ 35 billion equity value after a $ 750 million round of venture capital on Feb. 1. From there, the company steadily increased the estimated price. of his offer.
UiPath creates software that helps automate business tasks and sets it apart from rivals by enabling employees with no coding experience to adapt artificial intelligence.
“Traditional automation solutions designed to reduce this friction are generally designed to be used by developers and engineers, rather than the workers directly involved in doing the actual work being automated,” said the company. in its filing with the Securities and Exchange Commission.
Recent IPOs have done quite well with the Renaissance IPO ETF IPO for the past 12 months,
an increase of 117% in that time as the S&P 500 index SPX,
has gained 52% and the technologically heavy Nasdaq Composite Index COMP,
is up 68%.