IPOs

Software development platform DigitalOcean files for a $100 million IPO

DigitalOcean, which provides a cloud computing software development platform to developers and SMBs, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.

DigitalOcean is a cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses, or SMBs. Its platform simplifies cloud computing, enabling customers to accelerate innovation and increase productivity and agility. Over 570,000 individual and business customers currently use the platform to build, deploy, and scale software, with platform users including software engineers, researchers, data scientists, system administrators, students, and hobbyists. Customers are spread across over 185 countries, and around two-thirds of the company's revenue has historically come from customers located outside the US. 

The New York, NY-based company was founded in 2012 and booked $318 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol DOCN. DigitalOcean filed confidentially on November 20, 2020. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, KeyBanc Capital Markets, Canaccord Genuity, JMP Securities and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Software development platform DigitalOcean files for a $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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