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. Per Renaissance Capital, 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.
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