HashiCorp, a cloud software company, has updated IPO prospectusTuesday, March 31st: The company will announce plans to offer shares for up to $13 million.

HashiCorp is a company that was founded in last valued in the private market at $5.1 billion in 2020, is poised to capitalize on a booming IPO market that’s putting a premium on high-growth software companies, even if they’re racking up losses.

This company assists developers to manage cloud infrastructure on the large public clouds. Amazon, Microsoft Google. The technology allows clients to control their network, security and applications from a central location.

HashiCorp was not affected by the Covid-19 pandemic. It is located in San Francisco, but it considers itself to be “remote first,” and has a global workforce of 1,500 employees. Similar GitLabHashiCorp, an independent company, went public last month. It is valued at around $14 billion.

The year ending January saw revenue rise 75% to $211.9million. The revenue for the latest quarter ended Oct. 31 increased 49% over the previous year to $82.2 million. The company increased its marketing spending and saw its net loss increase to nearly $22 million, from $9.3million a year prior.

HashiCorp stated that it intends to offer shares for $68-$72 each. Based on a total outstanding share count in excess of 179million, the IPO will value the company at the high end of this range, which would be close to $13 billion. Before the sale of shares, there is a possibility that the price could rise.

It will trade under the ticker symbol “HCP” on New York Stock Exchange.

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