Fast growing robotic process automation startup UiPath Inc. is setting its sights on Wall Street after filing confidential paperwork for an initial public offering that will likely come in the first half of 2021.
UiPath hasn’t yet determined a price for the offering, but Bloomberg, which first reported the news, speculated it could put the company’s value at more than $20 billion. The report added the company is working with banks including JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Credit Suisse Group AG to prepare the offering.
UiPath was most recently valued at over $10 billion following a $225 million late-stage funding round in July that took its total amount raised to more than $1 billion. The company reportedly has more than $400 million in annual recurring revenue. At the time of that July funding round, UiPath’s chief corporate development officer Vijay Khanna told SiliconANGLE the company was aiming to become cash-flow positive by the end of 2020.
UiPath joins a host of startups looking to cash in on Wall Street’s enthusiasm for hot young software companies. Investors are also looking forward to IPOs next year from the big data analytics player Databricks Inc., digital video-game company Roblox Corp., and machine learning automation startup DataRobot Inc.
The second half of this year was an IPO bonanza, with several major software companies making strong public debuts.
One of the most successful was Airbnb Inc., which raised around $3.5 billion and saw its market capitalization jump to $87 billion on its first day of trading. Snowflake Inc. raised almost $4 billion on its first day of trading and saw its market cap double to $68 billion. Other big IPOs this year include DoorDash Inc., C3.ai Inc., Sumo Logic Inc., JFrog Ltd. and Unity Software Inc.