Software Company MongoDB Goes Public — Brings In $192 Million

MongoDB launched its initial public offering (IPO) yesterday, raising more than $192 million. The company’s shares opened at $33 each, up more than 30 percent for their first day of trading.

MongoDB is a leading open-source cross-platform document-oriented database program designed to unleash the power of software and data for developers and the applications they build. Headquartered in New York, with offices across North America, Europe, and Asia-Pacific, MongoDB has more than 4,300 customers in over 85 countries, including more than half of the global Fortune 100. The MongoDB database platform has been downloaded over 30 million times, and there have been more than 730,000 MongoDB University registrations.

The principal purposes of this offering are to increase its financial flexibility, create a public market for its Class A common stock, and facilitate its future access to the capital markets. Although allocation has not yet been finalized, MongoDB currently intends to use the net proceeds from this offering for working capital and other general corporate purposes, including continued investments in product offerings, growing its customer base, expanding the subscriptions of existing customers, driving usage of MongoDB Atlas, fostering the MongoDB developer community, and expanding an international footprint.