MarketWatch First Take: Much-hyped cloud startup Domo looks like a tech IPO to avoid

Domo Inc. is a highly funded unicorn cloud company that has burned through most of its cash and is now going to the public markets looking for more.

Headquartered in American Fork, Utah, Domo DOMO, +0.00% describes itself as a cloud service that lets CEOs run their businesses from their smartphones, using data analytics. It said it is seeking to raise $100 million in an upcoming initial public offering, but that figure is often a placeholder number. Domo has not yet specified the timing for its deal, which is being underwritten by Wall Street powerhouses including Morgan Stanley and Credit Suisse.

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