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Datadog raises $648M in IPO, turns down Cisco takeover offer

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Datadog raises $648M in IPO, turns down Cisco takeover offer

Datadog Inc. raised $648 million in its U.S. IPO as the cloud services company priced its 24,000,000 shares of class A common stock at $27 per share.

Prior to the IPO, Cisco Systems Inc. reached out to Datadog with a takeover offer that was significantly higher than the $7 billion valuation target for the IPO, Bloomberg News reported, citing sources. Datadog refused the offer in the belief that the company's value could increase over time.

The shares are expected to begin trading on Sept. 19 on the Nasdaq Global Select Market under the symbol DDOG. The offering is expected to close Sept. 23, subject to customary closing conditions.

Datadog also granted the underwriters a 30-day option to purchase up to 3,600,000 additional shares of class A common stock at the IPO price, less underwriting discounts and commissions.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are acting as joint lead book-running managers for the offering. Barclays Capital Inc., Jefferies LLC and RBC Capital Markets LLC are acting as joint book-running managers for the offering. JMP Securities LLC, Raymond James & Associates Inc., Stifel Nicolaus & Co. Inc., William Blair & Co. LLC and Needham & Co. LLC are acting as co-managers for the offering.