UiPath raises $1.34 billion in IPO

By Krystal Hu and Echo Wang

(Reuters) -Automation technology startup UiPath said on Tuesday it sold shares in its initial public offering (IPO) above its target range to raise $1.34 billion.

The company said it priced 23.89 million shares at $56 per share.

UiPath, which counts the likes of Accel, Dragoneer and Coatue Management among its prominent backers, uses artificial intelligence and digital tools to help large corporations and government agencies automate routine tasks in areas such as accounting and human resources.

The company on Monday increased its indicated target range to between $52 and $54 per share, up from $43 to $50. Of the shares sold, 9.4 million were by UiPath and about 14.5 million were from existing investors.

The IPO values UiPath at $29 billion.

The software maker's debut comes amid a flurry of major tech listings, as startups look to capitalize on the sky-high investor demand for new, high-growth tech stocks.

UiPath was launched in 2015 with a team of 10 people based in Bucharest, Romania, by former Microsoft executives Daniel Dines and Marius Tirca.

The tech startup has seen demand for its robotic process automation services soar, as more companies shifted to remote working during the COVID-19 pandemic.

UiPath's shares are scheduled to start trading on Wednesday on the New York Stock Exchange under the symbol "PATH". Morgan Stanley and J.P. Morgan are the lead underwriters on the IPO.

(Reporting by Krystal Hu in New York and Echo Wang in Miami; Additional reporting by Shubham Kalia in Bengaluru; Editing by Greg Roumeliotis and Shounak Dasgupta)