10 Things to Know About the Upcoming Nearly $10 Billion GitLab (GTLB) IPO

(updated 10/12/21 for new expected pricing)

GitLab (NASDAQ: GTLB), which helps developers share and manage code, is scheduled to go public this week. Here are ten key things to know about the upcoming IPO of GitLab's stock.

1. GitLab IPO Date - GitLab is due to go public this Thursday, October 14. GitLab will start trading under the ticker symbol “GTLB” on the Nasdaq stock exchange. Typically, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.

2. GitLab IPO Pricing - GitLab is expected to price its shares between $66.00-$69.00, up from $55.00 and $60.00 (updated on 10/12/21).

3. Shares Offered - GitLab is looking to sell 10,400,000 shares of its common stock, 8,420,000 shares from the company, and 1,980,000 shares from a selling stockholder. The S-1 filing shows the number of outstanding shares after IPO offering would be 143,014,821 shares.

4. GTLB IPO Valuation - GitLab is seeking a valuation of between $9.44 billion and $9.87 billion. In September 2019, GitLab raised $268 million in a funding round that valued the company at $2.7 billion.

5. GTLB IPO Raised Proceeds: At the midpoint of the pricing range, GitLab is looking to raise $702 million total, including $568.35 million for the company. The company plans to use the raised proceeds for working capital and other general corporate purposes.

6. GTLB IPO Underwriters - Goldman Sachs, JPMorgan, and BofA are key underwriters for GitLab IPO. UBS, RBC, Trust, Piper Sandler, Cowen, KeyBanc, and William Blair are also participating in the offering.

7. GTLB Financials - GitLab generated revenue of $81.2 million and $152.2 million in fiscal 2020 and 2021, respectively, representing growth of 87%. We generated revenue of $63.9 million and $108.1 million for the six months ended July 31, 2020 and July 31, 2021, respectively, representing year over year growth of 69%. GitLab incurred losses in each year since our inception, including net losses of approximately $130.7 million, $192.2 million, for fiscal 2020 and 2021 years. GitLab also reported a loss of $69 million for the six month period ended July 31, 2021. The company is making money through paid plans and subscription add-ons.

8. GitLab’s Competitors - GitLab’s closest rival Git repository, GitHub, was acquired by Microsoft (NASDAQ: MSFT) last year.

9. GitLab Ownership - CEO Sijbranij will own a 17.8% stake after the IPO. Khosla Ventures Funds, August Capital, GV 2017, and ICONIQ will have stakes above 5%.

10. GitLab Total Addressable Market (TAM): GitLab believes the addressable market opportunity for the DevOps Platform is approximately $40 billion... believe that they can serve $43 billion of this market by the end of 2021 and $55 billion by the end of 2024.

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