Startup UiPath said on Monday it is targeting a valuation of nearly $28 billion in its upsized initial public offering (IPO) in the United States, up from the $26 billion it was eyeing earlier.
The software maker said it would now aim to raise around $1.3 billion, selling 23.9 million shares priced between $52 and $54 each. It had earlier aimed to raise about $1.06 billion.
The New York-based company has seen demand for its robotic process automation services soar, as more companies shifted to remote working during the Covid-19 pandemic.
It will list its shares on the New York Stock Exchange under the symbol "PATH". Morgan Stanley and J.P. Morgan are the lead underwriters for the IPO.
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