Here's How Much Former NFL Quarterback Joe Montana Stands to Make From Upcoming $10 Billion GitLab (GTLB) IPO

October 13, 2021 5:02 PM EDT

GitLab (NASDAQ: GTLB) is due to make its public debut on the Nasdaq stock exchange tomorrow. The company initially said it expects to price its shares between $55.00 and $60.00, before raising the range to $66.00-$69.00, presumably due to high interest.

As GitLab is looking to sell 10,400,000 shares of its common stock, the company is seeking to raise $702.5 million at the midpoint of the indicated range, including $568.35 million for the company. The company could eventually hit a valuation of up to $9.87 billion.

Among early investors that are looking forward to the stock market debut is Joe Montana, the former NFL quarterback who led the San Francisco 49ers to four Super Bowl victories. Montana’s VC business Liquid 2 Ventures invested in GitLab at about a $12 million valuation a few years ago.

CNBC reports that Montana invested $100,000 in GitLab at that time, a stake that is likely to be worth over $40 million sometime tomorrow.

“We’re all pretty pumped. This is going to be a monster for us,” Hall of Famer told CNBC.

GitLab will mark the first startup backed by Liquid 2 Ventures that will go public. In the meantime, Montana is in the process of closing the third VC fund with tens of millions of dollars in capital commitments.

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