GitLab goes public

San Francisco-based open-source, code-collaboration platform Gitlab went public on Thursday on the Nasdaq under the ticker symbol “GTLB.” Shares jumped 35% in their first day of trading and closed at $103.89, pushing the company’s market cap to $14.9 billion. GitLab priced its stock at $77 late Wednesday, valuing the company at about $11 billion.

Founded in 2011, GitLab was last valued at $2.75 billion following its $268 million Series E round in September 2019. The company’s revenue jumped 69% in the second quarter from a year earlier to $58.1 million. However, despite this, GitLab still recorded a net loss of $40.2 million in the latest quarter.