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