(Reuters) -Automation tech startup UiPath Inc was set to be valued at more than $33 billion in its U.S. market debut on Wednesday, the latest tech company to capitalize on investors' appetite for high-growth stocks.
At 10:51 a.m. ET, its stock was set to open at between $62 and $64 per share, as much as 14% higher from the offer price of $56 per share.
Backed by the likes of Accel, Dragoneer and Coatue Management, UiPath uses artificial intelligence and low-code tools to help large corporations and government agencies automate repetitive and routine tasks in areas such as accounting and human resources.
The startup priced its offering of 23.9 million shares at $56 apiece to raise around $1.34 billion. UiPath will receive proceeds of around $527 million from the initial public offering (IPO).
Several richly valued startups, including cryptocurrency exchange operator Coinbase Global and South Korean e-commerce startup Coupang, have already cashed in on the record run in U.S. capital markets this year.
Unicorns such as electric vehicle startup Rivian and Microsoft-backed DataBricks are also set to go public later in 2021.
UiPath earlier this week raised the price range for its IPO, whose lead underwriters were Morgan Stanley (NYSE:MS) and J.P. Morgan.