Robotic process automation startup, UiPath, reportedly files confidential initial public offering paperwork with the U.S. Securities and Exchange Commission

UiPath has literally exploded in recent times, with the robotic process automation startup seemingly challenging the status quo in the industry. The company recently filed confidential paperwork with the SECahead of a potential initial public offering.

“UiPath,  Inc. today announced that it has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (the “SEC”) for a proposed public offering of its Class A common stock. The number of shares of Class A common stock to be sold and the price range for the proposed offering have not yet been determined. UiPath intends to commence the public offering following completion of the SEC review process, subject to market and other conditions,” the company said in a statement.

The startup has been able to raise over $1.2 billion from the likes of Accel, CapitalG, Sequoia, with its biggest raise of $568 million led by Coatue, following an impressive $7 billion valuation in April 2019. The company also raised another $225 million in July, which was led by Alkeon Capital after its valuation went as high as $10.2 billion.

“We’re evaluating the market conditions and I wouldn’t say this to be vague, but we haven’t chosen a day that says on this day we’re going public. We’re really in the mindset that says we should be prepared when the market is ready, and I wouldn’t be surprised if that’s in the next 12-18 months,” said Daniel Dines, CEO and co-founder of UiPath, during an interview session in July.

The company has become increasingly popular in recent times by offering solutions that help businesses take highly repetitive manual tasks and automate them to enhance their processes. The solutions offered by UiPath are catching the attention of companies, allowing them to take advantage of automation without necessarily replacing their existing systems.

UiPath has already raised a ton of money, with its valuation increasingly exponentially. However, the world awaits the results of the IPO and if it can get the same response enjoyed by the likes of Airbnb, C3.ai, and Snowflake

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