UiPath Inc., an automation software maker, and its shareholders are seeking to raise up to $1.1 billion in its U.S. initial public offering.

UiPath is offering 6.8 million shares while shareholders including its chairman, Accel and Alphabet Inc’s investment fund, will offer 14.5 million shares, according to a prospectus filed with U.S. Securities and Exchange Commission Monday. The IPO shares, all class A, are being marketed at $43 to $50 each.

At the top end of the price range, UiPath would have a market capitalization of $25.8 billion, according to the total number of shares outstanding listed in the prospectus.

Started in an apartment in Romania with 10 people in 2005, UiPath now has a presence in close to 30 countries, Chief Executive Officer and co-founder Daniel Dines wrote 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,” he wrote.

Dines, who is also chairman, owns all UiPath’s class B shares, which represent 88.2% of the voting power in the company, the filing showed.

UiPath said in July that it was valued at $10.2 billion in a funding round, up from a valuation of $7 billion in a previous round in 2019.

UiPath reported a net loss of $92 million on $608 million revenue in the 2021 fiscal year ending in January. Its net loss narrowed from $520 million a year ago thanks to foreign exchange gains. It had $336 million in revenue a year earlier.

Morgan Stanley and JPMorgan Chase & Co. are leading the offering. UiPath plans to list on the New York Stock Exchange under the symbol PATH.

— Crystal Tse (Bloomberg Mercury)