GitLab is targeting a $10 billion IPO valuation
12 October, 2021, 18:15
GitLab, a company co-founded by a Ukrainian, will go public with a valuation of $10 billion, Reuters reports.
- According to the latest figures, GitLab’s valuation last year was about $6 billion.
- The company raised the target price range for its initial public offering, lifting its aimed valuation to nearly $10 billion. Initially, it was reported that the company would sell its shares between $55 and $60 each. However, due to high demand, the company raised the price to $66-$69 per share.
- The IPO will raise $717.6 million at the top end of the new range.
- The exact date of the IPO has not yet been announced. The offering will take place on the NASDAQ exchange.
The founder of the startup is Dmytro Zaporozhets from Kharkiv. He joined GitLab in 2011, having a full-time job. Zaporozhets decided to create an alternative to GitHub, which could be installed on his server because the analogs were too expensive. In 2013, a second funder, Dutch entrepreneur Sid Sijbrandij, joined the startup. From that moment, they started working on GitLab full-time.