Software company HashiCorp files for U.S. IPO

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Nov 4 (Reuters) - HashiCorp Inc filed for a U.S. archetypal nationalist offering connected Thursday, seeking to capitalize connected capitalist appetite for bundle firms benefiting from a pandemic-induced integer shift.

The institution steadfast is aiming for a valuation of astir $10 billion, said a idiosyncratic acquainted with the matter.

Hashicorp began arsenic an open-source task and provides cloud-based bundle to customers specified arsenic Dutch lender ABN AMRO (ABNd.AS) and infrastructure absorption for Daimler-owned (DAIGn.DE) car marker Mercedes-Benz.

The institution was co-founded successful 2012 by Mitchell Hashimoto and Armon Dadgar, who met astatine the University of Washington successful 2008. They had worked unneurotic connected a probe task to marque unreality technologies, which were past being developed by Inc (AMZN.O) and Microsoft Corp (MSFT.O), disposable to scientists.

HashiCorp, whose investors see Mayfield, Franklin Templeton and T Rowe Price, is the latest institution trying to instrumentality vantage of beardown capitalist request for high-growth tech stocks.

Software improvement level GitLab Inc (GTLB.O) was valued astatine astir $15 cardinal successful its Nasdaq debut past month, portion edifice bundle supplier Toast Inc (TOST.N) fetched a valuation of astir $33 cardinal successful September.

Hashicorp volition database its shares connected the New York Stock Exchange nether the awesome "HCP".

Morgan Stanley, Goldman Sachs & Co, J.P. Morgan, Bofa Securities and Citigroup are pb underwriters connected the offering.

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

Our Standards: The Thomson Reuters Trust Principles.

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