(Note: GitLab, Inc. priced its IPO on Oct. 13, 2021, at $77 – far above its $66-to-$69 price range – and sold 10.4 million shares, the same number of shares in the prospectus, to raise $800.8 million. In an S-1/A filing dated Oct. 12, 2021, GitLab, Inc. had increased its IPO’s price range to $66 to $69 – up from $55 to $60 initially – and kept the number of shares at 10.4 million shares – to raise $702 million.)
(From the prospectus: We are selling 8,420,000 shares of our Class A common stock and the selling stockholder named in this prospectus is selling 1,980,000 shares of our Class A common stock. (The selling stockholder is an entity affiliated with Sytse “Sid” Sijbrandij, Gitlab Inc.’s co-founder, CEO and chairman of the board of directors.) We will not receive any of the proceeds from the sale of the shares by the selling stockholder. We were incorporated in the State of Delaware as GitLab Inc. in September 2014. We are a remote-only company, meaning that all of our team members work remotely. Due to this, we do not currently have a principal executive office.)
We believe in an innovative world powered by software. To realize this vision, we pioneered The DevOps Platform, a fundamentally new approach to DevOps consisting of a single codebase and interface with a unified data model. The DevOps Platform allows everyone to contribute to build better software rapidly, efficiently, and securely. The DevOps Platform accelerates our customers’ ability to create business value and innovate by reducing their software development cycle times from weeks to minutes.
Except from the Founder’s Letter by CEO Sytse Sijbrandij: “GitLab did not start in a tech incubator, garage, or Bay Area apartment.
“In 2011, my co-founder, Dmitriy Zaporozhets, created GitLab from his house in Ukraine. It was a house without running water, but Dmitriy felt that not having a great collaboration tool was a bigger problem than his daily trip to the communal well.
“In 2012, I discovered GitLab from my home in the Netherlands on a tech news site. I thought that it was natural that a collaboration tool for developers was open source so people could contribute to it. As a Ruby developer, I was impressed by GitLab’s code quality, especially since it absorbed more than 300 contributions in the first year. In 2013, Dmitriy tweeted that he would like to work on GitLab full-time. After reading that tweet, I approached him, and we partnered so he could work on GitLab full-time. We incorporated GitLab in 2014 and applied to Y Combinator, a technology accelerator in Silicon Valley. In 2015, we participated in their program, and this greatly accelerated our business.”
|Industry:||SERVICES - PREPACKAGED SOFTWARE|
|Address||Address N/A: Corporation Service Company. 251 Little Falls Drive Wilmington, DE 19808|
|View Prospectus:||GitLab, Inc.|
|Revenues||$196.36 mil (last 12 months)|
|Net Income||$-216.6 mil (last 12 months)|
|Price range||$77.00 - $77.00|
|Est. $ Volume||$800.8 mil|
|Manager / Joint Managers||Goldman Sachs/ J.P. Morgan/ BofA Securities|
|CO-Managers||UBS Investment Bank/ RBC Capital/ Truist Securities/ Piper Sandler/ Cowen/ KeyBanc Capital/ William Blair|
|Expected To Trade:||10/14/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|