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Software Development Platform GitLab Files to Go Public in U.S.

Bloomberg logoBloomberg 9/17/2021 Michael Hytha

(Bloomberg) -- Software development startup GitLab Inc. filed for an initial public offering, disclosing mounting revenue and losses.

The company in its filing Friday with the U.S. Securities and Exchange Commission listed the size of the offering as $100 million, a placeholder that will change when terms of the share sale are set.

GitLab, which helps software developers share and manage code, was valued at $6 billion after a private, secondary share sale by an investor in January, according to data provider PitchBook. 

The company had a net loss of $69 million on revenue of $108 million for the six months ending July 31, according to the filing. That compared with a $44 million loss on $64 million in revenue for the same period the previous year.

Though incorporated in Delaware in 2014, GitLab operates as a remote-only company and doesn’t have a corporate office, according to its filing. Its 1,350 team members are located in more than 65 countries.

Chairman and Chief Executive Officer Sytse “Sid” Sijbrandij is listed as the largest holder of the company’s Class B shares, which will have 10 votes each compared with one vote apiece for the Class A shares sold in the IPO. Outside investors with stakes of 5% or more include funds and affiliates of August Capital, Alphabet Inc.’s GV, Iconiq Capital and Khosla Ventures.

The offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. The company plans for its shares to trade on the the Nasdaq Global Market under the symbol GTLB.

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