(Bloomberg) -- Software development platform Gitlab Inc. rose 22% after raising $801 million in its U.S. initial public offering.
The stock opened at $94.25 after selling shares at $77 in New York, giving the company a market value of about $13.5 billion, according to Bloomberg’s calculation.
The company, along with co-founder Sytse “Sid” Sijbrandij, sold 10.4 million shares Wednesday. The shares were marketed at $66 to $69, according to a statement, before Gitlab elevated the price target on Tuesday from an earlier range of $55 to $60.
Gitlab provides collaboration tools used by software developers and competes with Microsoft Corp.’s Github. Goldman Sachs Group Inc., UBS Group AG, Siemens AG and ZipRecruiter Inc. are among its customers.
Investors in the remote-only company include funds and affiliates of August Capital, Alphabet Inc.’s GV, Iconiq Capital and Khosla Ventures, according to filings.
The offering was led by Goldman Sachs, JPMorgan Chase & Co. and Bank of America Corp. The shares are trading on the Nasdaq Global Market under the symbol GTLB.
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