(Alliance News) - Draper Esprit PLC on Wednesday said the value of its investment in Uipath Inc more than doubled upon the New York debut of the robotic process automation software firm.
Uipath priced its USD29 billion initial public offering at USD56 a share.
Shares in Romania-founded UiPath rose 23% to USD69.00 each on first day of trading on the New York Stock Exchange on Wednesday, giving the company a market capitalisation of USD35.8 billion.
The float brought in USD530 million in new capital to UiPath, which sells artificial intelligence-based software used to automate routine tasks for companies.
Venture capital investor Draper Espirit said it originally acquired its holding in UiPath in January 2019 through the acquisition of interests in Earlybird Digital East Fund I. Based on the IPO price, the gross fair value of Draper's UiPath investment was GBP100 million. This is an increase of GBP63 million compared to the September 2020 fair value of GBP37 million, Draper said.
Draper will release a trading update for the full year ended March 31 on April 26.
Its shares were trading 1.1% higher at 824.00 pence in London early Thursday.
By Will Paige; willpaige@alliancenews.com
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