MongoDB finishes up 34% in database IPO

New York-based MongoDB went public on the Nasdaq on Thursday, finishing the day at $32.07, up 34 percent above its IPO price of $24. This is also above the proposed range of $20 to $22, which had been increased from $18 to $20.

The IPO netted $192 million for the company and valued it at about $1.18 billion. By the end of the day’s trading, the market cap was about $1.6 billion, the same as the reported $1.6 billion valuation from its financing round over two years ago. 

MongoDB previously raised more than $300 million in equity financing dating back to 2008. Sequoia Capital, Flybridge Capital and Union Square Ventures hold the largest stakes.

The company works with enterprises, including Adobe, eBay and Citigroup, to manage their databases. Some of MongoDB’s offerings include its name-bearing MongoDB open-source database and the Atlas database-as-a-service offering.

MongoDB is building a “better database for the next generation of applications,” co-founder and CTO Eliot Horowitz told TechCrunch. We aimed to “build something that makes developers way more productive.”

Revenue was $101.4 million for the year ending in January 2017. This compares to $65.3 million in the same period the year before. Losses were $86.7 million in the most recent year. The company lost $73.5 million in the year ending in January 2016.