Cloud-computing firm DigitalOcean prices IPO at $47
Mar. 24, 2021 6:26 AM ETDigitalOcean Holdings, Inc. (DOCN)By: Niloofer Shaikh, SA News Editor9 Comments
- DigitalOcean (NYSE:DOCN) has raised more than $775M by pricing its initial public offering of 16.5M common shares at $47.00 per share, at the high end of the expected range of $44-$47.
- Trading kicks-off today on NYSE. Offering is expected to close on March 26.
- The company’s largest stockholder, with a 22% stake after the offering, will be an affiliate of Len Blavatnik’s Access Industries Holdings LLC.
- DigitalOcean provides self-service cloud SaaS computing infrastructure for small and mid-sized businesses globally and had a net loss of $44M on revenue of $318M in 2020 vs. a loss of $40M on revenue of $255M in 2019.
- The company’s Average Revenue per Customer grew by 18.3% in 2020 versus 2019.
The company's major competitors include: Amazon Web Services (AWS), Microsoft (MSFT), Google (GOOG), IBM (IBM), Oracle (ORCL), OVH, Vultr, Heroku and Linode.