DigitalOcean, a US-based cloud management service provider backed by conglomerate Access Industries, has filed for an initial public offering.
The company plans to list on the New York Stock Exchange. Morgan Stanley, Goldman Sachs and JP Morgan are lead book-running managers for the IPO while BofA Securities, Barclays and KeyBanc Capital Markets are joint book-running managers and Canaccord Genuity, JMP Securities and Stifel are co-managers.
Founded in 2012, DigitalOcean has developed cloud infrastructure technology that helps app developers, entrepreneurs and small and medium-sized enterprises create and improve software tools.
Access Industries led a $50m series C round for the company in May 2020, investing alongside venture capital firm Andreessen Horowitz (A16Z) and lifting its valuation to $1.15bn.
DigitalOcean raised $83m in a 2015 series B round also led by Access Industries and backed by A16Z, the latter having taken part in a $37.2m round a year earlier with IA Ventures and Tuesday Capital (then called CrunchFund).
DigitalOcean had previously completed a $3.2m seed round in 2013 led by IA Ventures with contributions from CrunchFund and Techstars.
Telecommunications and internet group SoftBank acquired the interest in DigitalOcean held by investment management firm Fortress Investment Group after paying $3.3bn to buy the firm in 2017, the latter having supplied DigitalOcean with a $50m credit facility three years before.
