Benzinga | Sep 18, 2021 01:50PM EDT

Microsoft GitHub Rival GitLab Files To Go Public In U.S., Revenue Tops $200M

Software development platform GitLab, which creates online tools to reduce the software development cycles, filed for an initial public offering with the U.S. Securities and Exchange Commission on Friday.

The company said that it plans to list on the Nasdaq under the ticker symbol "GTLB." In addition, the company listed the size of the offering as $100 million.

According to the PitchBook data, GitLab was valued at $6 billion after an investor's private, secondary share sale in January.

The company has said that the revenue in the latest quarter climbed 69% to $58.1 million. However, its net loss widened to $40.2 million. Its annualized revenue stands at over $230 million.

According to the filling, the firm was incorporated in Delaware in 2014. The company operates as a remote-only company, and it has close to 1,350 team members who are located in more than 65 countries.

GitLab aims to go public to strengthen its position against its rival GitHub, which was acquired by Microsoft Corporation (NASDAQ:MSFT) for $7.5 billion.

According to the company's website, companies such as NVIDIA Corporation (NASDAQ:NVDA), Siemens AG (OTC:SIEGY), and Goldman Sachs Group Inc (NYSE:GS) are among its customers.

GitLab has raised over $400 million in external funding from prominent investors such as Altimeter Capital, Franklin Resources, Inc. (NYSE:BEN), TCV, and Coatue Management.

Goldman Sachs, JPMorgan Chase & Co. (NYSE:JPM), and BofA Securities are the lead underwriters for the IPO.

Also Read: How To Buy GitLab IPO Stock

Photo: Courtesy of gitlab.com