IPO Recap|Microsoft GitHub rival Gitlab valued at $15 bln in strong market debut

On the last trading day, the Dow Jones Industrial Average rose 1.56%. The Nasdaq Composite Index climbed 1.73%and the S&P Index gained 1.71%.

On Thursday, there was no traditional IPO filed, while three new stock officially was listed for trading. Coding platform GitLab started trading yesterday. It soared 35% on its IPO debut and was valued at $14.86 billion.

Gitlab pioneered The DevOps Platform, a fundamentally new approach to DevOps consisting of a single codebase and interface with a unified data model.

GitLab competes with Microsoft’s GitHub in helping developers share code and collaborate on projects. It is the latest high-growth tech company to line up for an IPO.

Gitlab's business has experienced rapid growth. The company generated revenue of $81.2 million and $152.2 million in fiscal 2020 and 2021, respectively, representing growth of 87%.

The firm partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.

Upstart developed an income and default prediction model to determine credit worthiness of a potential borrower. In addition to traditional underwriting criteria—FICO score, credit report, and income—the Upstart underwriting considers education variables—colleges attended, area of study, GPA, and standardized test scores— and work history to develop a statistical model of the borrower's financial capacity and personal propensity to repay.