Coding platform GitLab reveals surge in growth in US IPO filing

Bengaluru: GitLab Inc., a coding platform backed by the likes of ICONIQ Capital and Khosla Ventures, revealed rapid growth and wider losses when it filed for a US initial public offering on Friday.

GitLab did not disclose the terms of its offering. The company was last valued at $6 billion after a secondary share sale in January, according to startup data platform PitchBook.

According to the filing, GitLab generated revenue of $108.1 million for the six months ended July 31, an increase of 69% year-over-year. However, it incurred a net loss of $69 million in the same period, compared with $43.6 million a year earlier.

GitLab creates online tools to reduce the software development cycle by allowing teams to collaborate and work together. Industry leaders such as Nvidia Corp., Siemens AG and Goldman Sachs are among its customers, according to the company’s website.

The company, whose entire workforce of 1,350 in over 65 countries has been operating remotely since its inception in 2014, began as an open-source project three years prior to that.

Over the past few years, GitLab’s valuation has surged several-fold and the company has raised capital from large investors such as Altimeter Capital, Franklin Templeton, TCV and Coatue Management. So far, GitLab has raised over $400 million in external funding.

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In an interview with Reuters, GitLab cofounder Sid Sijbrandij had said the company was planning to go public in 2020. Those plans were delayed, with the company deciding to go public a year later instead.

GitLab plans to list on the Nasdaq under the symbol “GTLB”.

Goldman Sachs, JPMorgan and BofA Securities are the lead underwriters for the IPO. Law firms Fenwick & West LLP and Latham & Watkins LLP are advisors on the deal.



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