Benzinga | Oct 4, 2021 06:34PM EDT

GitLab Seeks Up To $9B Valuation For Nasdaq Listing

* Coding platform GitLab Inc (NASDAQ:GTLB) aims to sell 8.42 million shares at $55 - $60 per share via U.S. initial public offering.

* Selling shareholders are selling 1.98 million shares. The maximum gross proceeds are $624 million.

* It targets a valuation of up to $8.6 billion based on 143 million shares for a Nasdaq listing.

* GitLab creates online tools to reduce the software development cycle by allowing teams to collaborate, Reuters reports. It was last valued at $6 billion after a secondary share sale in January.

* GitLab counts Nvidia Corp (NASDAQ: NVDA), Siemens AG (OTC: SIEGY), and Goldman Sachs Group Inc (NYSE: GS) among its customers.