GitLab IPO on Nasdaq with $14.9 Billion Market Value, Co-founder Sijbrandij Becomes Billionaire with $2.8 Billion Fortune

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GitLab IPO on Nasdaq with $14.9 Billion Market Value, Co-founder Sijbrandij Becomes Billionaire with $2.8 Billion Fortune

15th October 2021 | Hong Kong

Software company GitLab has IPO on Nasdaq, rising 34.9% on Day 1 with market capitalization of $14.9 billion (14/10/21), and Co-founder & CEO Sid Sijbrandij (Netherlands) becoming a billionaire with $2.8 billion fortune.  GitLab IPO price is at $77, opening at $94.25 and closing at $103.89 (14/10/21, +34.9%).  GitLab, a competitor of GitHub and backed by Khosla Ventures and Google Ventures, had raised $801 million in the IPO.  In 2020, GitLab reported revenue of $152.2 million and operating loss of $213.9 million.  (IPO ~ Initial Public Offering)

“ GitLab IPO on Nasdaq with $14.9 Billion Market Value, Co-founder Sijbrandij Becomes Billionaire with $2.8 Billion Fortune “

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GitLab, An All-Remote Company

GitLab journey started in 2011 by Chief Technology Officer Dmitriy Zaporozhets with Co-founder & CEO Sid Sijbrandij seeing GitLab for the 1st time in 2012.  In 2013, both decided to work on GitLab full-time and in 2014, GitLab was officially incorporated.   GitLab is an all-remote company initially based in Netherlands, with the first employee based in Serbia.  They shifted to San Francisco (United States), had an office, and employees showed up for the first few days and stopped coming in.  GitLab: “It was because we were so used to using systems correctly, and using a remote work style.”

GitLab is an open core company which develops software for the software development lifecycle with 30 million estimated registered users and more than 1 million active license users, and has an active community of more than 2,500 contributors. 

Goldman Sachs, JP Morgan and Bank of America Securities were the lead underwriters for GitLab IPO.  UBS Investment Bank, RBC Capital Markets, Truist Securities and Piper Sandler are acting as joint book-running managers for the offering. Cowen, KeyBanc Capital Markets, and William Blair are acting as co-managers for the offering.

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