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GitLab, a startup with Ukrainian origin, was valued on the stock exchange at $11 billion

A startup with Ukrainian origin Gitlab held an IPO on October 13 and raised $ 801 million. Photo: NASDAQ

A startup with Ukrainian origin Gitlab held an IPO on October 13 and raised $ 801 million. Photo: NASDAQ

GitLab’s share price went up 22% on its first day of trading on the stock exchange NASDAQ after the company had sold them above the announced range. Market capitalization reached $13.5 billion.

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On October 13, Gitlab, a startup with Ukrainian origin, held an IPO and raised $801 million. The company placed its shares at a rate of $77, which is higher than the previously announced range of $66-69. During the IPO, 10.4 million shares were sold. As a result, the market value of the entire Gitlab was $11 billion when placing the shares.

The company was founded by natives of Ukraine Valeriy Sizov and Dmytro Zaporozhets in 2011, in 2013 Sid Sijbrandij joined them. All of its 1,350 employees work remotely in 65 countries. The company's net loss for the six months ended July 31 amounted to $69 million, revenue—$108 million. For the same period a year earlier, the loss was $44 million, revenue—$64 million.

In 2018, Microsoft bought rival collaborative development service GitHub for $7.5 billion.

Additionally. Earlier, The Page reported that the startup GitLab had raised $268 million in investments as part of a new round. If extrapolating this result, it turns out that the entire company was valued at $2.7 billion. In total, including the new round, the company raised $426 million at that time.

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