UiPath’s Unconventional $PATH to IPO

UiPath has had a long strange trip to IPO. How so you ask? Well, the company was started in 2005 but its culture is akin to a frenetic startup. The firm shunned conventions and instead of focusing on a narrow geographic area to prove its product/market fit before it started to grow, it aggressively launched international operations prior to reaching unicorn status. Well prior - like when it had very little revenue. Today, more than 60% of UiPath’s business is outside of the United States, despite its New York headquarters. There’s more. According to recent SEC filings, UiPath’s total revenues grew 81% last year...but its free cash flow is modestly positive. 

There’s more. The company raised $750M in a Series F in early February at a whopping $35B valuation. Yet the implied back of napkin valuation based on the number of shares outstanding after the offering multiplied by the proposed maximum offering price per share, yields a valuation of just under $26B. And there’s even more to this crazy story. 
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