Benzinga | Oct 14, 2021 06:33AM EDT

GitLab Raises $648M Via IPO, Starts Trading From Today

* DevOps Platform provider GitLab Inc (NASDAQ:GTLB) priced 10.4 million Class A common shares at $77 per share in its initial public offering.

* The company had estimated to price the offering at $66 - $69 per share, up from the initially expected $55 - $60 per share range.

* The IPO includes 1.98 million shares by selling shareholder Sytse "Sid" Sijbrandij. Gitlab will not receive any proceeds from the share sale by the selling shareholder.

* GitLab is offering 8.42 million shares and expects estimated gross proceeds of $648.34 million.

* The shares will likely begin trading on the Nasdaq on October 14, under the ticker symbol "GTLB."

* The underwriters have a 30-day option to purchase additional shares up to 1.04 million.

* Related Content: GitLab Seeks Up To $9B Valuation For Nasdaq Listing