DigitalOcean falls after boosted $800 mln stock sale

AI cloud platform DigitalOcean's DOCN.N shares down 6.6% at $79.28 premarket after above-target equity raise

DOCN announces pricing offering of ~10.4 mln shares for approx $800 mln gross proceeds, up from planned $700 mln

Offering price equates to $77, which is 9.3% discount to stock's last sale on Tues

Co to use net proceeds to invest in additional infrastructure capacity, pay down term loan, and for general corporate purposes

JP Morgan, Morgan Stanley and BofA joint bookrunners, joined by Goldman Sachs, Citizens Capital Markets and MUFG

Broomfield, Colorado-based DOCN has ~92 mln shares outstanding

Through Tues close, DOCN shares up 76.5% YTD

Avg rating of 14 analysts is "buy"; median PT $76.50, per LSEG