Software development platform GitLab Inc, along with its existing investors, has filed to raise $624M (approx €540M) through an Initial Public Offering (IPO) in the US at a valuation of $9B (approx €7.8B).
According to a Monday filing to the US Securities and Exchange Commission, the coding platform will offer 8.42M shares of Class A common stock and existing shareholders will sell 1.98M Class A shares.
The initial public offering price is expected to be between $55 to $60 per share. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the Ticker Symbol “GTLB.”
Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities act as lead book-running managers for the proposed offering.
According to the filing, GitLab generated total revenue of $108.1M (approx €93.6M) for six months ending July 31, an increase of 69 per cent YoY. The company also incurred a net loss of $69M (approx €60M) in the same period, compared to $43.6M (approx €38M) a year earlier.
Funding
To date, the company has raised $414.9M (approx €360M) in funding from Khosla Ventures, August Capital, GV, GS Growth, ICONIQ Capital, Goldman Sachs, and others. Nvidia Corp, Siemens AG, and Goldman Sachs are among its customers.
GitLab: What you need to know
Dmitriy Zaporozhets (CTO) and Sytse Sijbrandij (CEO) founded a Dutch company – GitLab B.V. to maintain the open-source project and provide related goods and services.
As the company grew, the co-founders wanted to have a presence close to Silicon Valley. As a result, they opened an Experience Center in San Francisco where employees can work from if they choose.
However, operating as a Dutch corporation posed some obstacles for certain customers and since the majority of them are headquartered in North America it was decided to incorporate in the US and begin trading as GitLab, Inc.
GitLab builds software tools to help developers build their software.
GitLab’s single application is easier to use, leads to faster cycle time, and allows visibility throughout and control over all stages of the DevOps lifecycle.
GitLab has an estimated 30 million+ registered users (both paid and free) from startups to global enterprises, including Ticketmaster, Jaguar Land Rover, Nasdaq, Dish Network, and Comcast.
The company prefers remote working and has no physical office. It has nearly 1350 employees in 65 different countries.
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