The primary underwriters for the GitLab IPO are believed to be Goldman Sachs, JPMorgan, and BofA Securities.
GitLab, Microsoft GitHub’s competitor, has filed for an initial public offering (IPO), becoming the latest among thriving tech businesses to do so. GitLab specializes in delivering cloud-based software that allows developers to exchange code and collaborate on projects.
The business announced its intended IPO on Friday, noting that it will trade on Nasdaq under the ticker symbol “GTLB.” GitLab aims to outperform Atlassian and GitHub, which Microsoft paid $7.5 billion for three years ago.
Its outstanding results over the years have rendered it long overdue for an initial public offering, which is eagerly anticipated, given the following. According to Pitchbook, the company made more than $280 million at a post-money valuation of over $2.8 billion. In addition, according to the same statistics, GitLab completed a secondary deal for more than $190 million at the beginning of the year, valuing the firm at $6 billion.
GitLab’s sales increased by over 70% to $58.1 million in the past quarter, bringing its yearly revenue to over $230 million. It did, however, register a net loss, which increased from $9.4 million the previous year to more than $40 million this year.
GitLab’s six-month revenue was just over $108 million as of July 31, indicating a 69 percent increase year-over-year. Similarly, the net loss for the same time was $69 million, compared to $43.6 million the year before.
According to the evidence available, GitLab pioneered remote work, which firms were obliged to adjust to during pandemics. However, it started using distributed ledger in 2014 and didn’t have to make any adjustments.
Operating remotely, according to GitLab, gives us access to a worldwide talent pool, allowing us to employ talented team members regardless of location, giving us a significant competitive edge.
Since its inception as an open-source initiative in 2014, the firm has grown to include over 1,350 employees from over 65 nations who work remotely.
Altimeter Capital, Franklin Templeton, TCV, and Coatue Management are among the major investors in the firm. In addition, GitLab has received approximately $400 million in outside financing to far.
It’s worth mentioning that Toast, which provides software and hardware to help restaurants handle orders and transition to takeaway, will also launch next week as GitLab prepares to join the group of cloud software firms taking advantage of a prolonged bull market. Together with Freshworks, a minor competitor to Salesforce in terms of offering customer care and sales software.
The GitLab IPO’s main underwriters are Goldman Sachs, JPMorgan, and BofA Securities. The acquisition is being advised by law firms Fenwick & West LLP and Latham & Watkins LLP.