GitLab jumps 22% in its Nasdaq debut after code-sharing company priced IPO above expected range
Summary
However, because GitLab spends the equivalent of three-quarters of its revenue on sales and marketing, largely to build its developer user base, the company recorded a net loss of $40.2 million in the latest quarter. Trading on the Nasdaq under ticker symbol "GTLB," GitLab priced its stock at $77 late Wednesday, valuing the company at about $11 billion. GitLab said its net revenue retention rate, a key metric for subscription software companies because it shows customer success, climbed to 152% in the July period. GitLab, which was founded in 2012 and incorporated two years later, was last valued at $6 billion in a secondary financing, confirmed in early 2021, that allowed existing shareholders to sell up to 20% of their vested equity. After the pandemic hit early last year, roiling the broader economy, the company scrapped the timing for its debut while indicating that a public listing was still on the roadmap.
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