Gitlab software development platform seeks $ 624 million in IPO

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(Bloomberg) – Software development platform Gitlab Inc. and existing investors have asked to raise up to $ 624 million in an initial public offering in the United States.

The company will offer 8.42 million shares while co-founder and CEO Sytse Sijbrandij will sell 1.98 million, according to a filing on Monday with the United States Securities and Exchange Commission. The shares are priced at $ 55 to $ 60 apiece, depending on the record.

At the top of that range, Gitlab will be valued at $ 8.6 billion, depending on the number of shares outstanding listed in the prospectus. An exclusively remote company, Gitlab does not have a head office.

The proceeds of the offering will be used for general corporate needs and working capital. The main purpose of listing is to provide a public market for its shares and to increase the visibility of the company, the company said in the prospectus.

Gitlab is an operating platform that supports software engineers in the development process. Goldman Sachs Group Inc., UBS Group AG, Siemens AG and ZipRecruiter Inc. are among its clients.

The offering is led by Goldman Sachs, JPMorgan Chase & Co. and Bank of America Corp. Gitlab will be listed on the Nasdaq Global Market under the symbol GTLB.

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