Datadog priced its stock at $27, selling 24 million shares and raising $648 million in its IPO.
Datadog's subscription-based offering helps developers and administrators make sure their applications and underlying infrastructure are working properly. The software can track performance for systems running in public clouds, or in corporate data centers.
At its current market cap, Datadog is being valued at about 41 times trailing 12-month revenue, which makes it among the priciest cloud software stocks on the market. Zoom is the only company with a higher price-to-sales ratio at about 50, according to FactSet, and Crowdstrike is next at 44. In the first six months of 2019, Datadog's revenue jumped 79% to $153.4 million. The company recorded a net loss of $13.4 million in the first half of the year as research and development costs doubled and sales and marketing costs increased almost as much.to go public on Aug. 23. It later provided a price range of $19 to $22, before raising the range this week to $24 to $26. It ultimately priced $1 above that range, selling 24 million shares and raising $648 million.
Underwriters will have the option to buy an additional 3.6 million shares. Morgan Stanley, Goldman Sachs, J.P. Morgan chase and Credit Suisse led the IPO. Datadog was founded in 2010 and is based in New York. Earlier investors include Index Ventures, OpenView Venture Partners, ICONIQ Strategic Partners and RTP Ventures.
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