Data and security software provider for managed service providers Datto saw its share price pop 20% during its debut, only to fall back to milder gains. The company priced top-range at $27, and its stock was trading up 4% at $28.10 by mid-afternoon.
- The company raised around $550M and was valued at about $4.3B.
- Vista Equity Partners Co-Founder and President Brian Sheth stepped down from Datto’s board just days before the public offering. Sheth sat on Datto’s board since the company was acquired by Vista three years ago.
- Datto will use its proceeds to pay down debts that it accrued during that takeover.
- Dig Deeper: TechCrunch asks what Datto’s results forbear for Q4’s IPO market, which will be populated by other profitable slow-growth companies.