GitLab Raises $648M Via IPO, Starts Trading From Today

DevOps Platform provider GitLab Inc (NASDAQ: GTLB) priced 10.4 million Class A common shares at $77 per share in its initial public offering.

The company had estimated to price the offering at $66 - $69 per share, up from the initially expected $55 - $60 per share range.

The IPO includes 1.98 million shares by selling shareholder Sytse "Sid" Sijbrandij. Gitlab will not receive any proceeds from the share sale by the selling shareholder.

GitLab is offering 8.42 million shares and expects estimated gross proceeds of $648.34 million.

The shares will likely begin trading on the Nasdaq on October 14, under the ticker symbol "GTLB."

The underwriters have a 30-day option to purchase additional shares up to 1.04 million.

Related Content: GitLab Seeks Up To B Valuation For Nasdaq Listing

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