UiPath Inc.
PATH,
disclosed Monday that its initial public offering was upsized to 23.89 million shares, and the expected pricing of the IPO increased to between $52 and $54 a share. The New York-based maker of software for automation systems said it is offering 9.42 million shares in the IPO to raise up to $508.5 million, and selling shareholders are offering 14.47 million shares. At the expected pricing, the company could now be valued at up to $28.03 billion. Last week, the company said 21.28 million share were being offered in the IPO, with the company offering 6.81 million shares, and that pricing was expected between $43 and $50 a share to value the company at up to $25.8 billion. The company is looking to go public at a time that the Renaissance IPO ETF
IPO,
-2.21%
has lost 6.3% over the past three months while the S&P 500
SPX,
-0.53%
gained 10.2%.