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Nov. 29 (Reuters) – HashiCorp Inc on Monday said it was targeting a valuation of up to $ 13 billion in its initial U.S. public offering, as the company looks to capitalize on the high investor interest in them. enterprise software companies.
The San Francisco-based company said it is targeting a sale of 15.3 million shares at a price of between $ 68 and $ 72 each. At the top of that range, the IPO would bring in $ 1.1 billion in proceeds, according to the deposit.
HashiCorp, co-founded in 2012 by Mitchell Hashimoto and Armon Dadgar, says its products are helping solve key infrastructure issues related to cloud adoption. As of October 31, the company said it had 2,392 customers in more than 45 countries, including Bank of America Corp (BAC.N), Goldman Sachs Group Inc (GS.N), Stripe and Roblox Corp (RBLX.N ), among others.
HashiCorp investors include venture capital firms Mayfield and GGV Capital. The company is looking to launch its shares at a time when other enterprise software companies like GitLab Inc (GTLB.O) and Freshworks Inc (FRSH.O) have made strong market debuts, with investors betting on a high demand for their services due to the transition caused by the pandemic to hybrid work.
Morgan Stanley, Goldman Sachs & Co and JPMorgan are among the underwriters of the offer. The company has announced that it will list its shares on Nasdaq under the symbol “HCP”.
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Report by Niket Nishant in Bangalore; Editing by Krishna Chandra Eluri
Our standards: Thomson Reuters Trust Principles.
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