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UiPath writes European history with the third biggest New York software IPO

UiPath - New York IPO
Image credit: UiPath
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the UiPath New York IPO on the 21st of April 2021 is one of the most important moves in European software history. This is the third software company to reach over $1B in an IPO and all in the last year. It is also the first Romanian DNA IT company to have this opportunity. The company sold 23,9 million shares of Class A common stock at 56$ and while it started with an evaluation of $28B, it reached over $37B at the end of the first round.

Behind the UiPath New York IPO

UiPath, the RPA Romanian Unicorn, has marked its place in automation history, bringing $1.34B in the IPO. This is the third company in American cloud history to reach such a high number, Snowflake, the cloud database vendor, took first place raising $3.9B in September of 2020, and Quantrics, Canada’s leading telecommunications company, reached second place, with $1.78B in January.

According to FactSet data, the NYSE shares, titled PATH, opened at $65.5 on Wednesday, after the company set the initial price at $56. This is also the value investors acquired the stocks at the pre-IPO event. During the first day, the price went up as high as $70.74/stock, 25% more than the initial price, and the second day went as high as $80/stock. The first day ended with $69/stock and the second day with $75.50/stock. You can see the NYSE data here.

UiPath, a New York-based company, was founded in Bucharest, Romania in 2005. Over 700 of UiPath’s almost 3000 employees are currently based in Romania. The company had revenue of $600M and it was valued at $10B in 2020. Fast forward to 2021, it raised over $750M in February and it is valued at $35B. Studies show that RPA is the fastest-growing area in enterprise software. 

Among UiPath’s investors, there are Accel, Alkeon, Capital G, Coatue Management, Credo, Dragoneer, and Earlybird, to name a few. Among the company’s collaborators, there is KPMG Romania to develop automation solutions. At the UiPath New York IPO event, all five partners were seen together for the first time, Lavinia Cojocaru, Andra Ciorici, Marius Tarca, Adrian Dorache, and Daniel Dines got up on the stage to ring the opening bell. 

Read more:  The Largest Funding Rounds for Central and Eastern Europe in 2023

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Elena is an Innovation Reporter at The Recursive with 10+ years of experience as a freelance writer based in Bucharest, Romania. Her mission is to report internationally on the amazing progress of the local startup ecosystem while bringing into focus topics such as diversity in business cultures and women in tech; mental health, work-life balance, and the future. Of what? Everything! As a former solopreneur and a full-time mom, she strives to learn something new every day to share with the world. #nevernotlearning