Dynatrace Shares Jump, Marking First Boston-Area Tech IPO of 2019
Summary
Shares of Waltham, MA-based software intelligence firm Dynatrace hit the public markets for the first time today, and it was a strong debut. Bankers elevated the initial stock pricing above earlier estimates, and then traders pushed the value higher, to $25 a share at midday. “The reinvention of the Dynatrace company and the success we are having on that platform is really resonating.” Most of the proceeds from the stock sale—about $400 million—are earmarked for paying down Dynatrace’s debt load, which is currently around $1 billion, Burns says. Dynatrace, at about 2,000 employees currently, makes intelligence software to help businesses manage applications across complex systems like multiple cloud services and on-demand computing operations. Private equity firm Thoma Bravo will maintain a 71.4 percent controlling stake in the company after the public offering.
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