HashiCorp, Inc (HCP) IPO Opens Modestly Higher

Today's IPO for HashiCorp (NASDAQ: HCP) opened for trading at $81.16 after pricing 15,300,000 shares of its Class A common stock at a public offering price of $80.00 per share, above the expected $68-$72 range.

Morgan Stanley, Goldman Sachs & Co. LLC, and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities and Citigroup are acting as joint book-running managers for the offering. Cowen, JMP Securities, KeyBanc Capital Markets, Wolfe | Nomura Alliance, Oppenheimer & Co., Stifel, William Blair, Blaylock Van, LLC, and R. Seelaus & Co., LLC are acting as co-managers for the offering.

HashiCorp, Inc. enables the world's largest companies to provision, secure, connect, and run cloud infrastructure to support their applications. The company’s primary commercial products are Terraform, Vault, Consul, and Nomad.

Total revenues for fiscal 2020 and 2021 were $121.3 million and $211.9 million, respectively, representing an annual growth rate of 75%, and the total revenues for the nine months ended October 31, 2020 and 2021 were $150.0 million and $224.2 million, respectively, representing a period-over-period growth rate of 49%.

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