Coding platform GitLab Inc. has hiked its valuation target in its US listing, citing the demand for high-growth firms, Reuters reported.
- The company now aims for a valuation of $10 billion after it raised the price range for its initial public offering to between $66 and $69 each versus its earlier announced range of $55 and $60 per share.
- The company is looking to raise as much as $717.6 million should it be priced at the top of the new range, banking on demand for high-growth companies marking the American IPO market remains strong.
- GitLab has tapped Goldman Sachs & Co., J.P. Morgan, and Bank of America Securities as the lead underwriters for the offering for the firm, which offers online tools to cut down the cycle time of software development.
A total of 777 IPOs in the United States have raised a cumulative $249.22 billion so far this year.