DigitalOcean, the latest cloud computing company aiming to go public, has priced the shares that will comprise its upcoming initial public offering (IPO). In a prospectus filed on Monday, the company said that its stock will be sold for $44 to $47 per share.

The company is issuing 16.5 million shares. At the midpoint of the proposed price range, it stands to reap as much as $775.5 million.

With its suite of cloud services, DigitalOcean particularly targets small and mid-sized businesses (SMBs), especially ones in the early stages of development.

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The company was founded in 2012, and it's still posting robust growth numbers. Revenue grew from just over $203 million in 2018 to almost $255 million the following year, and $318.4 million in 2020. DigitalOcean was not, however, profitable in any of those three years, with net losses deepening to a respective $36 million, $40.4 million, and $43.6 million. Across that two-year stretch, the number of customers grew to roughly 573,000 from around 502,000.

In its prospectus, DigitalOcean wrote that it will utilize the proceeds of the IPO "for general corporate purposes, including working capital, operating expenses and capital expenditures." It might also harness them for such activities as debt retirement and/or acquisitions.

While the company has a good niche, it's got big competitors to contend with. DigitalOcean listed Amazon (AMZN -0.80%) and its powerful Amazon Web Services as a top rival, in addition to other powerhouses like Microsoft (MSFT 1.16%) with its Microsoft Azure. Nevertheless, operating in the ever-popular cloud segment will certainly attract investor attention, and we shouldn't be surprised if demand is healthy for DigitalOcean stock from the get-go.

DigitalOcean will list on the New York Stock Exchange under the ticker symbol DOCN. Its first day of trading is slated for Wednesday, March 24.