DigitalOcean Inc announces an IPO through which it wants to raise $5 billion.

On Monday, DigitalOcean Holdings Inc announced its decision to enter the public market through an initial public offering. The cloud services firm said it was aiming to have a market valuation of nearly $5 billion in its U.S. initial public offering (IPO).

The COVID-19 pandemic has led all the businesses to shift to work from home patterns due to the lockdowns and quarantines. This has also accelerated the switch to cloud-based computing. The cloud service companies have found this as an amazing opportunity to gain more returns and go public.

In a regulatory filing, the company said it was aiming to raise as much as $775.5 million through an offering of 16.5 million shares. The price range of these shares is between $44 and $47 per share. DigitalOcean has a large customer base. It provides its cloud platform and tools to developers, start-ups and small- and medium-sized businesses. It has over 570,000 customers in more than 185 countries. The company has its operations in a sector dominated by larger rivals including Amazon Web Services, Microsoft Corp, Oracle Corp and IBM Corp.

The company’s shares would be listed on the New York Stock Exchange under the ticker symbol “DOCN.” The underwriters for the IPO are Morgan Stanley, Goldman Sachs and J.P. Morgan. It said that DigitalOcean’s IPO underscores unprecedented investor appetite for technology companies, which have seen demand skyrocket during the COVID-19 pandemic as shift to cloud computing increased due to work from home patterns.