Software company HashiCorp files for IPO in the United States

Nov 4 (Reuters) – HashiCorp Inc filed an initial public offering in the United States on Thursday, seeking to capitalize on investor appetite for software companies benefiting from a pandemic-induced digital shift.

The company is targeting a valuation of nearly $10 billion, a person familiar with the matter said.

Hashicorp started as an open source project and provides cloud-based software to clients such as Dutch lender ABN AMRO (ABNd.AS) and infrastructure management for Daimler-owned car marker (DAIGn.DE ) Mercedes-Benz.

The company was co-founded in 2012 by Mitchell Hashimoto and Armon Dadgar, who met at the University of Washington in 2008. They had worked together on a research project to make cloud technologies, which were then being developed by Amazon .com Inc (AMZN.O) and Microsoft Corp (MSFT.O), available to scientists.

HashiCorp, whose investors include Mayfield, Franklin Templeton and T Rowe Price, is the latest company to try to capitalize on strong investor demand for high-growth tech stocks.

Software development platform GitLab Inc (GTLB.O) was valued at nearly $15 billion when it debuted on the Nasdaq last month, while restaurant software provider Toast Inc (TOST.N) has reached a valuation of nearly $33 billion in September.

Hashicorp will list its shares on the New York Stock Exchange under the symbol “HCP”.

Morgan Stanley, Goldman Sachs & Co, JP Morgan, Bofa Securities and Citigroup are the main underwriters of the offer.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni

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