Automation startup UiPath picks banks for 2021 IPO

[NEW YORK] UiPath is working with advisers on an initial public offering (IPO) that could take place as soon as the first half of 2021, according to people with knowledge of the matter.

The New York-based software maker that helps companies automate routine processes is working with JPMorgan Chase & Co, Morgan Stanley, Credit Suisse Group and Bank of America 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 US$20 billion in an IPO, said the people.

The company said in a statement in July that it was valued at US$10.2 billion in a US$225 million funding round. That was up from US$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 and online mortgage lender Better.com are among those expected to hold IPOs, according to people familiar with their plans.

UiPath specialises 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 and Tencent Holdings, among others.

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