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Coding platform GitLab valued at $13.48 bln in strong market debut

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Oct 14 (Reuters) – GitLab Inc shares opened about 22% above their supply worth in their Nasdaq debut on Thursday, giving the software program improvement platform a market capitalization of $13.48 billion.

The firm’s inventory opened at $94.25, in contrast with the preliminary public providing worth of $77 per share.

The firm, whose clients embrace Nvidia Corp (NVDA.O), Siemens AG (SIEGn.DE) and Goldman Sachs Group Inc (GS.N), offered 8.42 million shares in its IPO. A promoting stockholder affiliated with co-founder and Chief Executive Officer Sytse Sijbrandij offered 1.98 million shares.

The IPO raised almost $801 million in whole. It was priced above the upper finish of the $66 to $69 worth vary GitLab had marketed earlier.

Software and expertise firms resembling UiPath Inc (PATH.N) and Coupang Inc have made strong U.S. market debuts in the previous 12 months, due to sturdy investor urge for food for high-growth firms.

But the IPO market has slowed in current weeks as issues over inflation and uneven buying and selling pressured some firms to delay their itemizing plans.

Goldman Sachs & Co, J.P. Morgan and BofA Securities had been the lead underwriters for GitLab’s providing.

(This story was refiled to appropriate Reuters Instrument Code in paragraph 1)

Reporting by Niket Nishant and Praveen Paramasivam in Bengaluru; Editing by Shailesh Kuber and Aditya Soni

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