Software maker UiPath chooses banks for 2021 IPO
The New York-based software maker that helps businesses automate routine processes works with JPMorgan Chase & Co., Morgan Stanley, Credit Suisse Group AG and Bank of America Corp. on the planned stock sale, said the people, who asked not to be identified because the information is private.
The company’s plans, including when to sign up, could still change, the people said. UiPath also talks to other banks, one of the people said.
UiPath could be valued at over $ 20 billion on an IPO, the people said. The company said in a July statement that it was valued at $ 10.2 billion in a $ 225 million funding round. This was an increase from $ 7 billion in a previous cycle in April 2019.
Representatives for JPMorgan, Morgan Stanley, Credit Suisse and Bank of America declined to comment. A UiPath spokesperson did not immediately respond to a request for comment.
UiPath is reportedly joining a group of tech startups that are reportedly looking to go public next year, some after their enrollment plans were delayed by the coronavirus pandemic. The dating app Bumble, grocery delivery platform Instacart Inc. and online mortgage lender Better.com are among those expected to host IPOs, according to people familiar with their plans.
The company specializes in robotic process automation technology, software that helps businesses save time and money by automating repetitive manual tasks such as entering data into spreadsheets.
UiPath investors include Accel, Sequoia Capital, Coatue Management, Tiger Global Management LLC, and Tencent Holdings Ltd., among others.
By Crystal Tse and Katie Roof
