DigitalOcean provides self-service cloud SaaS computing infrastructure for small and mid-sized businesses.
- DigitalOcean (DOCN) priced 16.5 mln share IPO at $47.00 per share, at the high end of the expected range of $44-47
- On March 24, DOCN opened at $41.50 in its trading debut, down 12% from its initial public offering price of $47.00.
CEO Yancey Spruill, joined by John Tuttle, NYSE Vice Chairman and Chief Commercial Officer, rings The Opening Bell®.
DigitalOcean challenges much bigger companies, including Amazon and Microsoft, in the market to provide computing and storage resources that companies can consume to run their software, instead of operating their own data center infrastructure. DigitalOcean has built up a business by keeping its products easy to use. Most of its revenue come from the use of droplets, which are virtual slices of physical servers.
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