(Reuters) - DigitalOcean Holdings Inc is aiming for a valuation of nearly $5 billion in its U.S. initial public offering (IPO), the cloud services firm said on Monday, as the shift to work from home due to the COVID-19 pandemic accelerates the switch to cloud-based computing.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The company operates in a sector dominated by larger rivals including Amazon Web Services, Microsoft Corp, Oracle Corp and IBM Corp.<\/p>\n
DigitalOcean's IPO underscores unprecedented investor appetite for technology companies, which have seen demand skyrocket during the COVID-19 pandemic.<\/p>\n
The company will list its stock on the New York Stock Exchange under the symbol \"DOCN\".<\/p>\n
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.<\/p>\n
(Reporting by Sohini Podder and Noor Zainab Hussain in Bengaluru)<\/p>\n
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Cloud computing firm DigitalOcean aims for nearly $5 billion valuation in U.S. IPO - WTVB News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" (Reuters) - DigitalOcean Holdings Inc is aiming for a valuation of nearly $5 billion in its U.S. Continue reading