GitLab Inc. priced its initial public offering late Wednesday at $77 a share, well above its already elevated range, going into its first day of trading on Thursday.
The all-remote software company specializes in so-called DevOps software, which allows software developers and operators to collaborate on projects to provide faster and more relevant software updates to their internal systems on a near-constant basis.
With Wednesday's pricing, Gitlab expects to raise more than $800 million in an offering of 10.4 million shares -- 2 million more than originally expected.
On Tuesday, GitLab hiked its expected pricing range to between $66 and $69 a share, up from a forecast $55 to $60 a share last week. Wednesday's pricing values the company at $11 billion, based on 143 million shares are expected to be outstanding after the offering.
Shares are scheduled to begin trading on the Nasdaq on Thursday under the ticker symbol "GTLB".
While 2021 is on track for being the biggest IPO market ever in terms of proceeds, the Renaissance IPO ETF $(IPO.UK)$ is up less than 2% year-to-date, compared with a 16% gain on the S&P 500 index .
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