MongoDB shares opened at $33 apiece, up more than 30% for their first day of trading on Thursday in a $192-million Initial Public Offering.
The New York-based MongoDB, which calls itself the leading modern, general purpose database platform, rang the opening bell at the Nasdaq MarketSite in Times Square today in celebration of its IPO on The NASDAQ Stock Market, where it is listed under the symbol "MDB."
MongoDB priced its eight-million share initial public offering at $24 a share Wednesday night, above the expected range of $20 per share to $22 per share.
Like many high-tech companies, MongoDB has seen explosive revenue growth, posting sales of $101.4 million last year, up from $65.3 million in the year-ago period, and $40.8 million two years prior. MongoDB makes most of its money from software subscriptions and counts more than half of Fortune 100 companies as customers.
But as revenue has grown, profit has not. The firm posted a net loss of $86.7 million last year, wider than the more-than $70 million losses in the previous two years. Marketing, research and administrative costs have all risen, according to the company's prospectus.
Said CEO Dev Ittycheria, “Today is an important milestone for MongoDB. Defying conventional wisdom, our founders started a database company right here in New York City to serve the needs of developers everywhere.
"(Now) 10 years later, we’ve taken that bold idea and transformed it into a company with over 800 employees serving over 4,300 customers, including over half of the global Fortune 100."
