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Message: [QUOTE="Alex Wilhelm, post: 1690"] The HashiCorp IPO intends to shoot the narrows between Thanksgiving and Christmas, with its [URL='https://www.sec.gov/Archives/edgar/data/0001720671/000119312521342246/d205906ds1a.htm']first IPO pricing interval[/URL] set to give it among the richest valuations of any technology company with a strong open source component to its core business. [HR][/HR] [B][I]The Exchange explores startups, markets and money. Read it [URL='https://techcrunch.com/subscribe/?tpcc=theexchange']every morning on TechCrunch+[/URL] or get [URL='https://techcrunch.com/newsletters']The Exchange newsletter[/URL] every Saturday.[/I][/B] [HR][/HR] In a recent S-1/A filing, the cloud infra management company indicated that it expects to sell shares in its public offering at a range of $68 to $72 apiece. That interval could move, of course, before the company prices. Nubank, for example, [URL='https://techcrunch.com/2021/11/30/is-nubanks-lower-ipo-pricing-bad-news-for-brazilian-startups/']reduced its IPO price range[/URL] this week ahead of its anticipated debut. [URL='https://techcrunch.com/subscribe/?tpcc=theexchange'][IMG]https://techcrunch.com/wp-content/uploads/2021/11/exchange-banner-sq-yllw-plus.jpg?w=300[/IMG][/URL]At the upper end of HashiCorp’s price range, using a fully diluted share count, the former startup will land among the most richly valued tech companies in the world that sport a reliance on open source code. The company’s debut, then, will put points on the board for more than just itself when it does trade. (For more on the company’s economics, [URL='https://techcrunch.com/2021/11/05/hashicorps-ipo-filing-reveals-a-growing-business-but-at-a-slower-pace/']head here[/URL].) Let’s talk about HashiCorp’s IPO valuation range, as well as how it stacks up to other public tech companies with robust revenue multiples. [HEADING=1]What’s HashiCorp worth?[/HEADING] HashiCorp’s IPO valuation at its current range can be calculated in one of two ways. The first employs a simple share count, or the number of shares that are currently anticipated to be outstanding after its debut. The second is a fully diluted share count, which includes shares that have been earned through options but not yet turned from pledges into shares. The company expects to have 178,895,570 shares of Class A and B stock in circulation after its IPO. HashiCorp’s simple IPO share count rises to 181,190,570 if we count shares reserved for its underwriting entities. Using the latter figure, at a $68 to $72 per-share IPO price interval, HashiCorp would be worth between $12.3 billion and $13.0 billion. However, on a fully diluted basis, the company’s value is much higher. [URL='https://www.renaissancecapital.com/IPO-Center/News/89098/Cloud-infrastructure-platform-HashiCorp-sets-terms-for-$1.1-billion-IPO']Per Renaissance Capital[/URL], at $70 per share, HashiCorp’s IPO, inclusive of a broader share count, would value it at $14.2 billion. Converting that to $72 per share, the company could be worth as much as $14.6 billion. The unicorn was last valued at around $5 billion in March 2020, meaning its IPO pricing looks set to be a win. [/QUOTE]

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