Software Firm GitLab Prices US$800 Million IPO

Software company GitLab Inc. (Nasdaq: GTLB) started trading on the Nasdaq Global Select Market Thursday under the ticker symbol “GTLB”. The firm aims to raise US$800.8 million in its debut on the big board.

The offering consisted of 10.4 million Class A common shares at US$77.00 per share. The company is selling 8.42 million shares out of the offering while the remaining 1.98 million shares will be sold by the existing stockholder affiliated with GitLab CEO and chair Sytse Sijbrandij. GitLab said it will not receive any proceeds from the latter.

Goldman Sachs & Co., J.P. Morgan, and BofA Securities are acting as the lead bookrunners for the said offering. The underwriters were given a 30-day over-allotment option to purchase up to an additional 1.04 million shares at the same IPO price.

The offering is expected to close on October 18, 2021, subject to customary closing conditions.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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