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IPO Roundup: Datadog earns $7.83B valuation, snuffs takeover offer from Cisco

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Datadog Inc (NASDAQ:DDOG), a New York-based monitoring and analytics platform, outpaced its IPO expectations to the tune of a $648 million offering and a $7.83 billion valuation. 

The company offered 24 million shares at $27 per share, beating its revised-up range of $24 to $26. 

For a moment, though, one major tech player had other ideas. 

According to a Bloomberg report, Cisco Systems Inc (NASDAQ:CSCO) made an offer to buy Datadog for more than $7 billion, the company’s initial valuation expectation. 

Datadog turned down the offer and went public, a move rewarded by investors so far. The stock opened trading at $40.35 before cooling slightly to $37.03, 37% above its offer price.

READ: AirBnb to go public in 2020

Ping Identity Holding Corp (NYSE:PING), an enterprise security platform provider based in Denver, raised $288 million, in-line with expectations. The company offered 12.5 million shares at $15 per share, the midpoint of its $14 to $16 projected range.

Shares opened at $18.75 and ticked slightly lower to $18.51, 23% above its IPO price.

Exagen Inc (NASDAQ:XGN), a producer of blood tests for autoimmune diseases, raised $50 million after pricing its shares at $14, the low end of its range. 

The money raised matched expectations, but the company had to offer an extra 300,000 shares to get there, bumping up its IPO to 3.6 million shares.

The company debuted at $16.80 and has risen to $16.99, beating its offer price by 21%.

In other IPO news, AirBnb announced Thursday that the company plans to go public in 2020. According to reports, its most recent valuation could be as much as $38 billion. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


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