Draper Esprit Plc
("Draper Esprit", the "Group" or the "Company")
UiPath Inc, announces pricing of IPO
Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today notes that UiPath has announced the pricing in relation to its $29bn initial public offering. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "PATH" on 21 April 2021, and the offering is expected to close on 23 April 2021, subject to customary closing conditions.
The Company last provided an update on the gross fair valuation of its holding in UiPath on 2 February. Based on the IPO price, Draper Esprit's gross fair value (before carry deductions) is approximately £100 million (using a GBP/USD 1.3767 year-end 31 March 2021 exchange rate). This is an uplift of £63 million to the September 2020 fair value of £37 million.
As previously notified, the Company will release a trading update for the full year on Monday, 26 April 2021.
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Enquiries
| Draper Esprit plc Martin Davis (Chief Executive Officer) Ben Wilkinson (Chief Financial Officer)
| +44 (0)20 7931 8800 |
| Numis Securities Nominated Adviser & Joint Broker Simon Willis Richard Thomas Jamie Loughborough
| +44 (0)20 7260 1000 |
| Goodbody Stockbrokers Euronext Growth Adviser & Joint Broker Don Harrington Charlotte Craigie Linda Clarke
| +44 (0) 20 3841 6202 |
| Powerscourt Public relations Elly Williamson Donjeta Miftari | +44 (0)7970 246 725 / +44 (0)7961 628 862 |
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in Europe, investing in disruptive, high
growth technology companies. We believe the best entrepreneurs in Europe are capable of building
the global businesses of the future. We fuel their growth with long-term capital, access to
international networks and decades of experience building businesses.
Currently, Draper Esprit is a shareholder in a diverse portfolio of 67 companies with 15 of those part
of our core portfolio which accounts for over 60% of our holdings. Our core companies include
UiPath, Aircall, Graphcore and Revolut. We invest across four sectors: Consumer Technology,
Enterprise Technology, Hardware and Deeptech, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in each. We look for high-growth
companies with strong IP, powerful technology, and the management teams to deliver success.
They operate in new markets, with serious potential for global expansion. We also look for
businesses with the potential to generate strong margins to ensure rapid, sustainable growth in
substantial addressable markets.
Draper Esprit provides an opportunity for public market investors to access these fast-growing tech
businesses, without having to commit to long term investments with limited liquidity. Since IPO in
June 2016, we have deployed circa £500m+ capital into fast growing technology companies and
have realised over £300m. In October 2020 we raised gross proceeds of circa £110m to help us
capitalise on a European VC market which is expanding rapidly but is still less than one quarter of
the combined size of the US and European market by value. It will also allow us to capitalise on the transition to a digital future that has been given added impetus as a result of the recent pandemic.
For more information, go to https://draperesprit.com/
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