Dynatrace Holdings, which provides a software intelligence platform for the enterprise cloud, raised the proposed deal size for its upcoming IPO on Tuesday.
The Waltham, MA-based company now plans to raise $499 million by offering 35.6 million shares (5% insider) at a price range of $13 to $15. The company had previously filed to offer 35.6 million shares at a range of $11 to $13. Dragoneer Investment Group still intends to purchase $75 million worth of shares in the offering. At the midpoint of the revised range, Dynatrace Holdings will raise 17% more in proceeds than previously anticipated, commanding a market value of $4.3 billion.
Dynatrace Holdings was founded in 2005 and booked $431 million in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol DT. Goldman Sachs, J.P. Morgan, Citi, Barclays, Jefferies, RBC Capital Markets and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of July 29, 2019.
