Datadog, which provides a monitoring and analytics platform for companies' technology stacks, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $600 million by offering 24 million shares at a price range of $24 to $26, up from a range of $19 to $22. At the midpoint of the revised range, Datadog will raise 22% more in proceeds than previously anticipated to command a fully diluted market value of $8.1 billion.
Datadog was founded in 2010 And booked $266 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol DDOG. Morgan Stanley, Goldman Sachs, J.P. Morgan, Credit Suisse, Barclays, Jefferies, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 16, 2019.
