UiPath, the first Romanian unicorn company, now a decacorn, has set terms for its initial public offering, in which the Romanian born maker of software for robotic automation systems could have a market cap of $25.8 billion, Bloomberg reports. UiPath expects to raise $1.1 Billion in the upcoming IPO.
The IPO is expected to price between $43 and $50 a share. The company is offering 6.81 million Class A shares in the IPO, to raise up to $340.4 million, while selling shareholders are offering 14.47 million Class A shares. After the IPO, the company expects a total of 516.55 million Class A and Class B shares outstanding, as reported by MarketWatch.
Daniel Dines, the Romanian founder of UiPath, has no more than 5% of the shares. Still, as they are class B shares, they value 35 times more than class A shares, meaning Daniel has the voting power.
UiPath has yet to turn to profit, despite the enthusiasm of the investors. Revenue jumped 81% in fiscal year 2020 to $607.6 million. In that time, the company’s net losses decreased from $519.9 million to $92.4 million.