Following the success of its IPO last week, Datto Holding Corp. now has a market value of $4.56 billion – quite a difference from the Norwalk software company’s pre-IPO cash and debt balances of $59.6 million and $582.2 million, respectively.
Datto expects to use $549.5 million of net IPO proceeds to pay down its existing credit facilities.
The firm successfully priced its IPO of 22 million shares of its common stock at $27 per share, raising $594 million in gross proceeds.
Datto – Connecticut’s first startup to hit the $1 billion mark in value – had roughly 157.5 million shares outstanding following its IPO.
It trades on the NYSE as “MSP.”