Hashicorp Inc filed for a US initial public offering on Thursday, seeking to capitalize on investor appetite for software firms to benefit from a pandemic-induced digital shift.
A person familiar with the matter said that the company’s firm is aiming for a valuation of around $10 billion.
Hashicorp began as an open-source project and provides cloud-based software to customers such as Dutch lender ABN AMRO and infrastructure management for Daimler-owned car marker Mercedes-Benz.
The company was founded in 2012 by Michelle Hashimoto and Armon Dagger, who met at the University of Washington in 2008. They worked together on a research project to create cloud technology, which was then being developed by Amazon.com Inc. and Microsoft. Corp., Available to Scientists.
Hashicorp, whose investors include Mayfield, Franklin Templeton and T. Rowe Price, is the latest company to try to take advantage of strong investor demand for high-growth tech stocks.
Software development platform GitLab Inc was valued at about $15 billion in its Nasdaq debut last month, while restaurant software provider Toast Inc. received a valuation of about $33 billion in September.
Hashicorp will list its shares on the New York Stock Exchange under the symbol “HCP”.
Morgan Stanley, Goldman Sachs & Company, JP Morgan, BofA Securities and Citigroup are the principal underwriters on the offering.
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