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Cloud infrastructure platformHashiCorp plans to list its shares on December 9, 2021. It expects to trade on the Nasdaq under the symbol HCP.
It sold 15.3 million shares for $80 each, which is above its target range ($68-72 per share), to raise $1.2 billion.
According to Bloomberg, at the IPO price, HashiCorp has a market value of $14 billion based on the outstanding shares listed in its filings with the U.S. SEC. Accounting for employee stock options and restricted stock units, the company has a fully diluted value of $16 billion.The IPO will place it among the most richly valued open source tech companies.
HashiCorp was last valued in the private market at $5.1 billion in 2020. It is backed by Bessemer Venture Partners, Franklin Templeton, Geodesic Capital, GGV Capital, IVP, Mayfield, Redpoint Ventures, T. Rowe Price funds and accounts, and True Ventures.
Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, and Citi are the joint bookrunners on the deal.
Business Overview
HashiCorp, founded in 2012,is anopen-source software companyproviding cloud infrastructure and data center management solutions.
The management is headed by Chairman and CEO David McJannet, who has been with the firm since July 2016 and was previously VP Marketing at GitHub.
HashiCorp states that its cloud operating model provides consistent workflows and a standardized approach to automating the critical processes involved in delivering applications in the cloud, including infrastructure provisioning, security, networking, and application deployment.
The company has built its products using an open-core software development model, and all of its products are developed as open-source projects.
HashiCorp is a leading provider of multi-cloud infrastructure automation. The company helps developers manage their cloud infrastructure across major public clouds, including Amazon, Microsoft and Google.
HashiCorp works with SaaS vendors, enterprise software companies, cloud service providers, game developers, mobile app developers and IT support organizations.
HashiCorp sees the market as a massive opportunity. Armon Dadgar, co-founder and CTO of HashiCorp, said that It took these big enterprises five years just to be comfortable with the idea of public clouds. But most of them don’t have enough operational staff with the experience to run these services at scale. Even if they did, those people are best spent focusing on other business value rather than operating infrastructure.
The Covid-19 pandemic did little to set back HashiCorp, which considers itself “remote-first,” with a globally distributed workforce of 1,500 people.
Like GitLab, a remote company that went public in October and is now valued at about $12 billion, HashiCorp was able to power through the shutdowns because its systems were already in place to operate without people in offices.
Financial Performance
Revenue increased 49% to $224 million from the nine months ended October 31, 2020 to the nine months ended October 31, 2021.Subscription revenue increased by $73.9 million, or 51% in this period. This is attributable to the addition of new customers as the customer base increased by 91%.Its net loss increased 28% to $62.44 million forthe nine months ended October 31, 2021.
Revenue in the latest quarter climbed 49% to $82.2 million, while the company’s net loss widened to almost $22 million from $9.3 million a year earlier.
Click to view the prospectus