Automation software company UiPath looks to raise $1.3bn from IPO

The company automates repetitive tasks such as entering data into spreadsheets

The front of the New York Stock Exchange building. UIPath is planning an initial public offering on the exchange. Reuters

UiPath, an automation software maker, and existing shareholders are seeking to raise as much as $1.3 billion from a US initial public offering after boosting the targeted price range.

UiPath and its backers are now offering 23.9 million shares at $52 to $54 apiece, it said in a filing on Monday, confirming an earlier Bloomberg report. The company was previously marketing a sale of 21.3 million shares at $43 to $50 apiece, seeking to raise as much as $1.1bn.

A higher range usually indicates that there’s strong demand for a company’s shares on its investor roadshow.

Technology listings are coming off a mixed week where Coinbase Global stock whipsawed on its debut and mobile apps company AppLovin fell almost 19 per cent on its first day of trading.

UiPath specialises in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

In February, the company raised funds at a $35bn valuation. It is backed by investors including Accel and Google parent Alphabet’s CapitalG investment fund.

Morgan Stanley and JPMorgan Chase are leading the offering. UiPath plans to list on the New York Stock Exchange under the symbol PATH.