HashiCorp employees at the start-up’s HashiConf conference in San Francisco in October 2018.
Cloud software vendor HashiCorp updated itson Monday, disclosing plans to sell shares at a price that would value the company at up to $13 billion.
HashiCorp, which wasin the private market at $5.1 billion in 2020, is poised to capitalize on a booming IPO market that’s putting a premium on high-growth software companies, even if they’re racking up losses.
The company helps developers manage their cloud infrastructure across the big public clouds operated by, and . Its technology lets clients manage their security, networking and applications in centralized locations.
The Covid-19 pandemic did little to set back HashiCorp, which is based in San Francisco but considers itself “remote-first,” with a globally distributed workforce of 1,500 people. Like, a remote company that went public last month and is now valued at about $14 billion, HashiCorp was able to power through the shutdowns because its systems were already in place to operate without people in offices.
Revenue in the year ended January surged 75% to $211.9 million. In the most recent quarter, which ended Oct. 31, revenue climbed 49% from a year earlier to $82.2 million. However the company’s net loss widened to almost $22 million from $9.3 million a year ago as the company ramped up spending on sales and marketing.
HashiCorp said it plans to sell shares at $68 to $72 each. At the top end of that range, the IPO would value the company at almost $13 billion, based on an outstanding share count of 179 million. The price range could increase before the share sale.
The company will trade on the New York Stock Exchange under ticker symbol “HCP.”
#HashiCorp #aiming #IPO #valuation #billion #updated