Software maker UiPath pick banks for 2021 IPO

UiPath Inc. is working with advisers on an initial public offering that could take place as soon as the first half of 2021, according to people with knowledge of the matter.

UiPath would join a cadre of technology startups looking to go public next year, some after their listing plans were delayed by the coronavirus pandemic. (REUTERS)

The New York-based software maker that helps companies automate routine processes is working with JPMorgan Chase & Co., Morgan Stanley, Credit Suisse Group AG and Bank of America Corp. on the planned share sale, said the people, who asked not to be identified because the information is private.

The company's plans, including the timing of a listing, could still change, the people said. UiPath is also talking to other banks, one of the people said.

UiPath could be valued at more than $20 billion in an IPO, said the people. The company said in a statement in July that it was valued at $10.2 billion in a $225 million funding round. That was up from $7 billion in a previous round in April 2019.

Representatives for JPMorgan, Morgan Stanley, Credit Suisse and Bank of America declined to comment. A spokesperson for UiPath didn't immediately respond to a request for comment.

UiPath would join a cadre of technology startups looking to go public next year, some after their listing plans were delayed by the coronavirus pandemic. Dating app Bumble, grocery delivery platform Instacart Inc. and online mortgage lender Better.com are among those expected to hold IPOs, according to people familiar with their plans.

The company specializes in robotic process automation technology, software that helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

UiPath's investors include Accel, Sequoia Capital, Coatue Management, Tiger Global Management LLC and Tencent Holdings Ltd., among others.

By Crystal Tse and Katie Roof