DigitalOcean’s $800M Upsized Stock Offering Drags The Stock

DigitalOcean Holdings Inc. (DOCN) on Wednesday announced an upsized public offering of its common stock, increasing the size to $800 million from $700 million.

The company said it will offer about 10.4 million shares to raise $800 million, thereby bringing the offering’s price per share to about $77. This implies a discount of more than 9% compared to the stock’s closing price of $84.92 on Tuesday.

DigitalOcean shares fell more than 7% in Wednesday’s opening trade. Retail sentiment on Stocktwits around the company trended in the ‘bullish’ territory at the time of writing.

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