UiPath, the biggest robotic processing automation (RPA) company in the world, launched by two Romanian entrepreneurs in Bucharest in 2005, reached a market capitalization of over USD 35 bln on its debut on the New York Stock Exchange (NYSE).
The company’s co-founder and CEO, Daniel Dines, thus officially became the richest Romanian, as his stake is currently worth over USD 7.4 bln.
UiPath’s shares started trading on NYSE at USD 65.5, some 17% above the IPO price announced one day earlier (USD 56) and climbed as high as USD 70 shortly after debut.
“Today is a big day for UiPath: we begin life as a public company on the New York Stock Exchange,” Dines said in a public announcement.
“We started UiPath because we realized we could help humans reduce the time and stress that comes from menial, administrative business tasks. This work has made them robotic. With our technology, people have time to focus on the work they actually enjoy, the work they set out to do. We made robots so people didn’t have to be robots,” he added.
He also said he was extremely proud that UiPath became the first Romanian-born company listed on the New York Stock Exchange.