San Francisco coding platform GitLab files for US IPO, reveals revenue surge

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San Francisco coding platform GitLab files for US IPO, reveals revenue surge

Gitlab Inc., a San Francisco, California-headquartered coding platform backed by big-league investors like of ICONIQ Capital and Khosla Ventures, had filed for a US IPO (Initial Public Offerings) late on Friday as the Californian coding platform that operates remotely looked to bank on a blazing US IPO market which has been hovering at its strongest in more than half a decade with market participants showing strong appetite for new tech stocks, a regulatory filing with US SEC (Securities and Exchange Commission) had unfurled.

Aside from that, Gitlab Inc. that architects online tools aimed at tailing off software development cycles by enabling teams to work together, had revealed a rapid growth at its regulatory filing with the US SEC. Although, the Californian coding platform, whose clients include industry leaders like of Nvidia Corp., Siemens AG alongside Goldman Sachs among others, had yet to disclose the terms of its initial public offerings, the start-up which came into being in 2014 three years after having been rolled out as an open-source platform, had been valued at a whopping $6 billion at its latest fundraising campaign that took place back in January this year, data from PitchBook had unfurled.

Coding platform GitLab Inc files for US IPO

Concomitantly, according to GitLab Inc.’s regulatory filing with US SEC, the US-based firm that harbours a workforce of 1,350 work-from-home employees across 65 countries, had reported $108.1 million in revenues over past six months through July 31, marking up a 69 per cent jump in revenues on a year-on-year basis, though, the company also had posted a net loss of $69 million at the same period compared to a loss of $43.6 million logged a year earlier.

Back in the 2019s, in an interview with a press agency, GitLab co-founder Sid Sijbrandij was quoted saying that the company had been mulling an option to a public market floatation in the US capital market by 2020. GitLab Inc plans to list on Nasdaq under a ticker symbol “GTLB”.