Salem Radio Network News Saturday, January 29, 2022


Coding platform GitLab valued at $13.48 billion in strong market debut

(Corrects Reuters Instrument Code in paragraph 1)

(Reuters) – GitLab Inc shares <GTLB.O> opened about 22% above their offer price in their Nasdaq debut on Thursday, giving the software development platform a market capitalization of $13.48 billion.

The company’s stock opened at $94.25, compared with the initial public offering price of $77 per share.

The company, whose customers include Nvidia Corp, Siemens AG and Goldman Sachs Group Inc, sold 8.42 million shares in its IPO. A selling stockholder affiliated with co-founder and Chief Executive Officer Sytse Sijbrandij sold 1.98 million shares.

The IPO raised nearly $801 million in total. It was priced above the higher end of the $66 to $69 price range GitLab had marketed earlier.

Software and technology companies such as UiPath Inc and Coupang Inc have made strong U.S. market debuts in the past year, thanks to robust investor appetite for high-growth companies.

But the IPO market has slowed in recent weeks as concerns over inflation and choppy trading forced some companies to delay their listing plans.

Goldman Sachs & Co, J.P. Morgan and BofA Securities were the lead underwriters for GitLab’s offering.

(Reporting by Niket Nishant and Praveen Paramasivam in Bengaluru; Editing by Shailesh Kuber and Aditya Soni)


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