Following its $1.3 billion public offering, automation software maker UiPathUiPath Inc. climbed in its trading debut after its initial public offering in a private round. It oversaw its valuation in a current round in a market place. The shares closed Wednesday at $69 in New York and gave UiPath a market valuation of over $38 billion and a fully restricted value, including employee stock options and restricted stock units. On Tuesday, the company and investors sold almost 24 million shares for $56 each. While the IPO was priced above a marketed range, it left the company with a lower price than in a March capital raising round. With Wednesday's trading gains, UiPath overthrew its $35 billion valuation at the time of this $750 million investment. According to a statement at the time, this round was led by Alkeon Capital and Coatue. A dip in some software stocks since then - including SSnowflake Inc., which was down 18% from 1 February - played a role in the IPO pricing decision, said a person familiar with the matter who asked not to be identified because of the information it was private. In the IPO, UiPath offered approximately 9.4 million shares while shareholders including its chairman and backers Accel and Alphabet Inc.'s investment fund 14.5 million were sold according to its filings with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission. In 2005, started in an apartment in Romania with 10 people and now has a presence in close to 30 countries, writes Chief Executive and Co-founder Daniel DinesDines in a letter to investors. Starting a company from a small place with no market has a hidden advantage: It forces you to think globally from day one, wrote he. Dines, who is also chairman, owns all of UiPath's Class B shares, which represent 88.2% of the voting power in the company, the filings show. While UiPath moved its headquarters to the U.S. because of many of its customers here, Dines said he believes that startup in some industries could thrive abroad. It largely depends on what market you're targeting, he said in an interview. 'It is very rare that a country has the talent to build a global company. UiPath, now based in New York, reported a net loss of $92 million on $608 million in the fiscal year ending Jan. 31. The loss of $520 million was narrowed due to foreign exchange gains a year ago. It had $336 million in revenue a year earlier; the offering was led by Morgan Stanley and JPMorgan Chase Co. UiPath's shares are trading on the New York Stock Exchange under the PATH symbol. Laela Sturdy, a general partner at Alphabet Capital G and also a member of the UiPath Board, said that she sees others opportunities abroad. The whole European ecosystem is very exciting, she said. For more articles like this, please visit bloomberg.com. The biggest name is ; Uk, why?