DigitalOcean aims for nearly $5 billion valuation IPO

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Date: 24.03.2021

DigitalOcean Holdings Inc is aiming for a valuation of nearly $5 billion in its U.S. initial public offering (IPO), the cloud services firm, as the shift to work from home due to the COVID-19 pandemic accelerates the switch to cloud-based computing.

The company is looking to raise as much as $775.5 million through an offering of 16.5 million shares, priced between $44 and $47 apiece, according to a regulatory filing.

DigitalOcean provides its cloud platform and tools to developers, startups and small- and medium-sized businesses and has over 570,000 customers in more than 185 countries.

The company operates in a sector dominated by larger rivals including Amazon Web Services, Microsoft Corp, Oracle Corp and IBM Corp.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.

Based on: Reuters

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