HashiCorp aiming for $13 billion valuation in IPO, according to updated prospectus

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  • Hashicorp, a developer of software to manage cloud infrastructure, said Monday it plans to sell shares in its IPO for $68 to $72 each.
  • The “remote-first” company is poised to capitalize on a rapidly growing market for high-growth cloud software companies.
  • Revenue rose 49% to $82.2 million in the latest quarter, while the company’s net loss jumped from $9.3 million a year ago to nearly $22 million.

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Cloud software vendor Hashicorp updated IPO prospectus on Monday, disclosing plans to sell shares at a price that would value the company up to $13 billion.

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Hashicorp, which was ultimate value In a $5.1 billion private market in 2020, a booming IPO is set to capitalize on the market, which is placing a premium on high-growth software companies, even if they are making losses.

The company helps developers manage their cloud infrastructure in the large public cloud operated by Amazon, Microsoft and Google. Its technology lets customers manage their security, networking and applications in centralized locations.

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The COVID-19 pandemic did little to set Hashicorp back, which is based in San Francisco but considers itself “remote-first”, with a globally distributed workforce of 1,500 people. Like GitLab, a remote company that went public last month and is now valued at about $14 billion, Hashicorp was able to power through the shutdown because its systems were already in offices to operate without people.

Revenue rose 75% to $211.9 million for the year ended January. In the most recent quarter, which ended October 31, revenue increased 49% from a year earlier to $82.2 million. However, the company’s net loss increased from $9.3 million a year ago to about $22 million as the company increased spending on sales and marketing.

Hashicorp said it plans to sell each share for $68 to $72. At the top end of that range, based on an outstanding share count of 179 million, the IPO would value the company at approximately $13 billion. The price range may increase before the share sale.

The company will trade on the New York Stock Exchange under the ticker symbol “HCP”.

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