HashiCorp aiming for IPO valuation of as much as $13 billion in up to date S-1

Cloud software program vendor HashiCorp up to date its IPO prospectus on Monday, disclosing plans to promote shares at a worth that may worth the corporate at as much as $13 billion.

HashiCorp, which was final valued within the personal market at $5.1 billion in 2020, is poised to capitalize on a booming IPO market that is placing a premium on high-growth software program corporations, even when they’re racking up losses.

The corporate helps builders handle their cloud infrastructure throughout the large public clouds operated by Amazon, Microsoft and Google. Its expertise lets purchasers handle their safety, networking and purposes in centralized areas.

The Covid-19 pandemic did little to set again HashiCorp, which relies in San Francisco however considers itself “remote-first,” with a globally distributed workforce of 1,500 folks. Like GitLab, a distant firm that went public final month and is now valued at about $14 billion, HashiCorp was capable of energy by the shutdowns as a result of its programs had been already in place to function with out folks in places of work.

Income within the 12 months ended January surged 75% to $211.9 million. In the newest quarter, which ended Oct. 31, income climbed 49% from a 12 months earlier to $82.2 million. Nevertheless the corporate’s internet loss widened to virtually $22 million from $9.3 million a 12 months in the past as the corporate ramped up spending on gross sales and advertising.

HashiCorp mentioned it plans to promote shares at $68 to $72 every. On the prime finish of that vary, the IPO would worth the corporate at virtually $13 billion, primarily based on an impressive share depend of 179 million. The worth vary may improve earlier than the share sale.

The corporate will commerce on the Nasdaq below ticker image “HCP” after initially stating its plan to record on the New York Inventory Alternate

Correction: A previous model of this story failed to notice that the corporate switched its deliberate itemizing from the NYSE to the Nasdaq.

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