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NVIDIA CORPORATION

(NVDA)
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Coding platform GitLab reveals surge in growth in U.S. IPO filing

09/17/2021 | 01:29pm EDT

Sept 17 (Reuters) - GitLab Inc, a coding platform backed by the likes of ICONIQ Capital and Khosla Ventures, revealed rapid growth and wider losses when it filed for a U.S. initial public offering on Friday.

GitLab did not disclose the terms of its offering. The company was last valued at $6 billion after a secondary share sale in January, according to startup data platform PitchBook.

According to the filing, GitLab generated revenue of $108.1 million for the six months ended July 31, an increase of 69% year-over-year. However, it incurred a net loss of $69 million in the same period, compared with $43.6 million a year earlier.

GitLab creates online tools to reduce the software development cycle by allowing teams to collaborate and work together. Industry leaders such as Nvidia Corp, Siemens AG and Goldman Sachs are among its customers, according to the company's website.

The company, whose entire workforce of 1,350 in over 65 countries has been operating remotely since its inception in 2014, began as an open source project three years prior to that.

Over the past few years, GitLab's valuation has surged several fold and the company has raised capital from large investors such as Altimeter Capital, Franklin Templeton, TCV and Coatue Management. So far, GitLab has raised over $400 million in external funding.

In an interview with Reuters https://www.reuters.com/article/us-github-ipo-idUSKBN1W21JG in 2019, GitLab co-founder Sid Sijbrandij had said the company was planning to go public in 2020. Those plans were delayed, with the company deciding to go public a year later instead.

GitLab plans to list on the Nasdaq under the symbol "GTLB".

Goldman Sachs, J.P. Morgan and BofA Securities are the lead underwriters for the IPO. Law firms Fenwick & West LLP and Latham & Watkins LLP are advisors on the deal. (Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri, Shailesh Kuber and Anirban Sen)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NASDAQ COMP. -0.82% 15090.200353 Real-time Quote.18.06%
NVIDIA CORPORATION 0.15% 227.26 Delayed Quote.74.08%
SIEMENS AG 0.71% 139.56 Delayed Quote.18.75%
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Sales 2022 25 758 M - -
Net income 2022 8 775 M - -
Net cash 2022 11 397 M - -
P/E ratio 2022 68,2x
Yield 2022 0,08%
Capitalization 567 B 567 B -
EV / Sales 2022 21,6x
EV / Sales 2023 18,8x
Nbr of Employees 18 975
Free-Float 62,0%
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Jen Hsun Huang President, Chief Executive Officer & Director
Colette M. Kress Chief Financial Officer & Executive Vice President
William James Dally Chief Scientist & Senior Vice President-Research
Tony Tamasi Senior Vice President-Content & Technology
Debora Shoquist Executive Vice President-Operations
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