On October 14, the Ukraine-based service to host IT projects GitLab held a public offering (IPO) on the US stock exchange NASDAQ under the symbol GTLB. The initial bid price was $ 77 per share, well above the advertised range of $ 66 to $ 69.
During the IPO, GitLab sold a total of 10.4 million shares and raised $ 801 million to investors, and the market’s market capitalization reached $ 11 billion, Bloomberg writes.
GitLab was initially scheduled to go public in November 2020, but postponed its IPO in May 2020 due to the pandemic. In September 2021, the company applied for a listing on the Nasdaq and disclosed financial information. The company’s net loss for the six months ended July 31 was $ 69 million in revenue of $ 108 million. In 2020, during the same period, those figures were $ 44 million and $ 64 million, respectively.
GitLab was founded by Ukrainian natives Dmitry Zaporozhets and Valery Sizov in 2011, and in 2013 they were joined by Sid Sibranji. GitLab customers include Goldman Sachs, Nvidia, Ticketmaster, Delta and others.
GitLab has no office: 1,350 employees work remotely in more than 65 countries. GitLab’s competitor is GitHub, which was purchased by Microsoft in 2018 for $ 7.5 billion.