After formally requesting its IPO on the NASDAQ last September and submitting all the necessary documentation to receive the permit, GitLab little by little he is revealing the details of his next debut on the trading floors. The last data to be known has been the Starting price of your shares: $ 77, according to The Register.
This price, somewhat higher than initially expected. When the company asked to go public, it was estimated that the price of its securities would be between $ 55 and $ 60, an estimate that rose a few days ago to between $ 66 and $ 69. With this new, higher price, the company will have a valuation that can exceed 11,000 million dollars if that price is maintained when it goes to the trading floors. In total, Gitlab will list 8.42 million Class A common shares. founder and CEO, Sytse Sijbrandij, is going to sell another 1.98 million titles.
GitLab says it has 3,632 clients that generate more than $ 5,000 in annual revenue and 383 that provide more than $ 100,000 each year. They are what the company calls base customers. They also point out, according to the documentation submitted to go public, that they have experienced rapid growth, although they admit that it depended on converting non-paying users into paying users. Also that they have had «Limited historical data regarding the number of old and current free users and conversion rates from customers to paid users«.
However, the company points out that it has tried to direct your customers to your payment products through the removal of its Starter and Bronze packages. And it will have to accelerate that trend quite a bit, because many think that its share price is quite ambitious. Especially if you take into account that it is a company that still has losses.
Specifically, the net between February and July of the company was 69 million dollars, more than during the same period last year, when they were 43.5 million dollars. Also, keep in mind that you face stiff competition in DevOps, especially from GitHub. However, it has an ace up its sleeve to overcome them: offering everything necessary to meet the needs of companies in a medium DevOps life cycle.