GitLab Inc. GTLB, has set terms of its initial public offering, in which the development and operations software company could be valued at up to $8.6 billion. The company is looking to raise up to $505.2 million as it is offering 8.42 million shares in the IPO, which is expected to price between $55 and $60 a share. Selling shareholders are offering an additional 1.98 million shares to raise up to $118.8 million.
The stock is expected to trade on the Nasdaq under the ticker symbol “GTLB.” The company expects to have a total of 143.01 million Class A and Class B shares outstanding after the IPO. Goldman Sachs, J.P. Morgan and BofA Securities are the lead underwriters. The company recorded a net loss of $192,194 on revenue of $152,176 during the fiscal year ended Jan. 31, 2021, after a loss of $130,741 on revenue of $81,227 in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF IPO, -0.34% has lost 1.1% over the past three months while the S&P 500 SPX, +1.15% has edged up 0.1%.