The fall IPO season continues to ramp up as another innovative tech company prepares to make its public debut today. Launched in 2011, GitLab (NASDAQ:GTLB) is a web platform that provides tools to DevOps professionals to contribute to and share each other’s projects. If you instantly thought of the Microsoft (NASDAQ:MSFT)-owned GitHub when you read the last sentence, it’s because the two platforms are very similar. GitLab will trade on the Nasdaq under the trading symbol GTLB. According to a statement released by the company, the GTLB stock IPO will consist of 10.4 million shares of Class A common stock available for purchase, set at the price point of $77 each.
Goldman Sachs, JPMorgan Chase and Bank of America are serving as the primary underwriters for this deal.
What else do you need to know about tech’s latest IPO? Let’s take a look.
GTLB Stock IPO: What to Know
- As it stands, with shares offered at $77, GitLab boasts a market capitalization of $11 billion. This means the company has exceeded its initial price range of $66-$69 per share.
- GitLab is part of a growing group of companies with no physical headquarters. It operates completely remotely, employing roughly 1,350 individuals throughout 65 different countries. This “remote-first” club also includes cryptocurrency exchange Coinbase (NASDAQ:COIN) and social media giant Twitter (NYSE:TWTR).
- Not just a tool for big business, GitLab has engineered products aimed at both small business owners and public sector employees.
- Past client partnerships for GitLab have included Goldman Sachs (NYSE:GS), Siemens (OTCMKTS:SIEGY), Ticketmaster and Thomson Reuters (NYSE:TRI).
- GitLab’s backers include former NFL star Joe Montana, whose venture capital firm Liquid 2 Ventures invested in the company when it was still an early stage startup.
- While GitLab initially employed the uses of Microsoft’s cloud-computing service Azure, in 2018 it switched to Google Cloud Platform (GCP).
- The company was ranked by LinkedIn as one of the Top Startups of 2021.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
