Datadog, which provides a monitoring and analytics platform for companies' technology stacks, raised $648 million by offering 24 million shares at $27, above the upwardly-revised range of $24 to $26. The company originally filed at a range of $19 to $22. At the offer price, Datadog commands a market cap of $8.7 billion. Earlier on Wednesday, news broke that competitor Cisco had offered to buy the company for significantly more than $7 billion.
Datadog 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 acted as lead managers on the deal.
