(Adds details on new pricing range, total raise, background on IPO market, company)
Oct 12 (Reuters) – Coding platform GitLab Inc on Tuesday raised the pricing range for its U.S. initial public offering, indicating robust demand for high-growth companies despite recent stock market gyrations.
The company said it would look to sell shares between $66 and $69 each, compared with an earlier range of $55 and $60 per share.
At the top end of the hiked range, the IPO will raise $717.6 million and give the Khosla Ventures-backed firm a valuation of nearly $10 billion.
Seven-year-old GitLab creates online tools to reduce the software development cycle by allowing teams to collaborate and work together. Industry leaders such as Nvidia Corp, Siemens AG and Goldman Sachs are among its customers, according to the company’s website.
GitLab operates on a fully remote working model that allows the headquarter-less company’s 1,350 employees to work from more than 65 countries.
Its move is the latest sign that the IPO market in the United States has not lost steam even as weeks of high volatility in the broader market forced some companies to delay their listing plans in recent weeks.
Including blank-check firms, 777 IPOs have raised a total of $249.22 billion this year, according to data from Dealogic.
Goldman Sachs & Co, J.P. Morgan and BofA Securities are the lead underwriters for GitLab’s offering.
Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni