UiPath Inc. and its shareholders raised $1.3 billion in an initial public offering, pricing shares above a marketed range but esteeming the automation software maker below its February funding round.

The company and investors sold almost 24 million shares for $56 each, as per the statement confirming an earlier report. The shares had been marketed for $52 to $54, a range that the company elevated from $43 to $50.

The listing gives the company a market value of $29 billion based on the outstanding shares listed in its prospectus filed with the U.S. Securities and Exchange Commission. Including employee stock options and restricted stock units, that valuation is more than $31 billion.

UiPath raised $750 million in a fundraising round in February that valued it at $35 billion. That round was led by Alkeon Capital and Coatue, as per the statement at the time. A dip in some software stocks since then - including Snowflake Inc., which is down 20% from Feb. 1 played a part in the IPO pricing decision, stated a person familiar with the matter who asked not to be identified because the information was private.

The valuation is still triple that in July, when the company stated it was valued at $10.2 billion in a funding round, up from a valuation of $7 billion in a 2019 round.
In the IPO, UiPath sold about 9.4 million shares while shareholders including its chairman and backers Accel and Alphabet Inc.’s investment fund offered 14.5 million, according to its filings.

Started in an apartment in Romania with 10 people in 2005, UiPath now has a presence in close to 30 countries, Chief Executive Officer and co-founder Daniel Dines wrote in a letter to investors. “Starting a company from a small place with no market has a hidden advantage: It forces you to think globally from day one," he wrote in a letter.

Dines, who is also chairman, owns all of UiPath’s Class B shares, which represent 88.2% of the voting power in the company, the sources indicated.

UiPath, now based in New York, reported a net loss of $92 million on $608 million revenue in the 2021 fiscal year ending Jan. 31. Its net loss narrowed from $520 million a year ago thanks to foreign exchange gains. It had $336 million in revenue a year earlier.

The offering is being led by Morgan Stanley and JPMorgan Chase & Co. UiPath‘s shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol PATH.