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GitLab gets greedy with its IPOINTL

GitLab gets greedy with its IPO

If you have any concerns about the market’s recent downturn and need some reassurance, take a look at Gitlab. The coding platform is not only looking to go ahead with its public offering, but it will also raise its IPO pricing range from $55 and $60 per share to $66 and $69. Gitlab’s IPO is now expected to raise $717.6m, giving the company a valuation of nearly $10m.

Gitlab was founded seven years ago to create online tools to reduce the software development cycle by allowing teams to collaborate and work together. Thanks to its fully remote working model, the company has over 1,350 employees operating from 65 different countries. Nvidia Corp, Siemens AG, and Goldman Sachs are among some of Gitlab’s most significant clients.   

why it matters

The recent volatility in the stock market drove some companies such as iFIT Health & Fitness Inc and AEON Biopharma to put their IPO plans on hold. However, Gitlab going ahead with its public offering is a testament to the fact that demand for high-growth companies in the US stays robust despite recent stock market fears.