Homepage
PR Newswire
15-10-2021, 05:14 PM
GitLab jumps 35% in its Nasdaq debut after code-sharing company priced IPO above expected range
* GitLab started trading on the Nasdaq on Thursday under ticker symbol “GTLB.”
* The company, whose code-sharing software competes with Microsoft’s GitHub, raised about $650 million in its IPO, and investors bought additional stock from an entity tied to CEO Sid Sijbrandij.
* Revenue in the second quarter jumped 69% from a year earlier to $58.1 million.
Ari Levy
PUBLISHED THU, OCT 14 202112:35 PM EDTUPDATED THU, OCT 14 20214:13 PM EDT
GitLab shares jumped 35% in their first day of trading on Thursday after the provider of software for developer collaboration sold shares well above its expected range in its IPO.
Trading on the Nasdaq under ticker symbol “GTLB,” GitLab priced its stock at $77 late Wednesday, valuing the company at about $11 billion. GitLab had said it would likely sell shares at $66 to $69 each. The stock opened closed at $103.89, pushing GitLab’s market cap to $14.9 billion
Since its founding almost a decade ago, GitLab has been chasing down GitHub in the source repository market, which also includes Atlassian’s Bitbucket. Microsoft acquired GitHub in 2018 for $7.5 billion, and since that time GitLab has grown rapidly as the only big independent player in the market.
Revenue in the second quarter jumped 69% from a year earlier to $58.1 million. However, because GitLab spends the equivalent of three-quarters of its revenue on sales and marketing, largely to build its developer user base, the company recorded a net loss of $40.2 million in the latest quarter.
GitLab raised close to $650 million in the offering, and investors purchased over $150 million of additional stock from an entity affiliated with GitLab CEO Sid Sijbrandij.
GitLab offers a free version of what the company calls its DevOps platform, a term referencing the combination of developers and IT operations. The software allows users to work on code, package it, release it and monitor it. Customers can run GitLab in any public cloud, their own data center or as a GitLab-hosted service.
More details in https://www.cnbc.com/2021/10/14/gitlab-j...range.html
* GitLab started trading on the Nasdaq on Thursday under ticker symbol “GTLB.”
* The company, whose code-sharing software competes with Microsoft’s GitHub, raised about $650 million in its IPO, and investors bought additional stock from an entity tied to CEO Sid Sijbrandij.
* Revenue in the second quarter jumped 69% from a year earlier to $58.1 million.
Ari Levy
PUBLISHED THU, OCT 14 202112:35 PM EDTUPDATED THU, OCT 14 20214:13 PM EDT
GitLab shares jumped 35% in their first day of trading on Thursday after the provider of software for developer collaboration sold shares well above its expected range in its IPO.
Trading on the Nasdaq under ticker symbol “GTLB,” GitLab priced its stock at $77 late Wednesday, valuing the company at about $11 billion. GitLab had said it would likely sell shares at $66 to $69 each. The stock opened closed at $103.89, pushing GitLab’s market cap to $14.9 billion
Since its founding almost a decade ago, GitLab has been chasing down GitHub in the source repository market, which also includes Atlassian’s Bitbucket. Microsoft acquired GitHub in 2018 for $7.5 billion, and since that time GitLab has grown rapidly as the only big independent player in the market.
Revenue in the second quarter jumped 69% from a year earlier to $58.1 million. However, because GitLab spends the equivalent of three-quarters of its revenue on sales and marketing, largely to build its developer user base, the company recorded a net loss of $40.2 million in the latest quarter.
GitLab raised close to $650 million in the offering, and investors purchased over $150 million of additional stock from an entity affiliated with GitLab CEO Sid Sijbrandij.
GitLab offers a free version of what the company calls its DevOps platform, a term referencing the combination of developers and IT operations. The software allows users to work on code, package it, release it and monitor it. Customers can run GitLab in any public cloud, their own data center or as a GitLab-hosted service.
More details in https://www.cnbc.com/2021/10/14/gitlab-j...range.html
Specuvestor: Asset - Business - Structure.
