MongoDB, headquartered in New York, announced the pricing of its initial public offering of 8,000,000 shares of its Class A common stock at a price to the public of $24 per share and began trading on the NASDAQ Global Market under the symbol “MDB.”
Dev Ittycheria, president & CEO, rang the opening bell amidst cheers to mark the occasion.
MongoDB said the offering is expected to close on October 23, 2017, subject to customary closing conditions. It has also granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Class A common stock at the initial public offering price less underwriting discounts and commissions.
The IPO was greeted with enthusiasm by other vendors.
Joe McCann, CEO of NodeSource, which calls itself the “Enterprise Node Company,” commented on the IPO.
“MongoDB's IPO debut further validates the story, not only around open source technologies and their adoption by the enterprise but the vibrant commercial success of open source-focused businesses,” said McCann. “Forrester Research points out that open source comprises 80 - 90% of the code in a typical application. All Fortune 500 companies today are utilizing open source technologies more and more and organizations, big and small, are building applications using open source as their foundation because it decreases costs while accelerating time to market. That’s where companies such as MongoDB, NodeSource, and GitHub come into play. MongoDB is a great example of the market continuing to see value and opportunity in open source technology and the commercial vendors who support it.”
Yu Xu, CEO and founder of graph database vendor TigerGraph, which emerged from stealth in September 2017 with $31 million in Series A Funding, offered his views on the public offering just prior to the launch.
"MongoDB's anticipated IPO on Thursday is further validation that one size does not fit all in data management. Today's data is magnitudes more complex, and is growing at incredible speed - meaning that enterprises need to look beyond traditional relational databases to manage it. MongoDB has done considerable work in moving the database industry forward. Now, we are seeing real-time graph analytics develop as the next phase in this movement. Technologies that leverage graph databases - and the native parallel graph in particular - are ideal for powering enterprise AI and machine learning applications and will continue to see widespread adoption."
"The database is the last frontier of the re-platforming movement, and there’s tremendous interest in this transitioning market, as shown in MongoDB’s IPO," said Matt Cain, CEO at NoSQL database vendor Couchbase, noting that Couchbase is "seeing record growth" from companies like eBay, Marriott, Amadeus and Carrefour which are using the Couchbase Data Platform to compete effectively by creating digital experiences for their customers.
"These experiences are powered by new applications that engage customers with their responsiveness, personalization, flexibility, and speed. Couchbase is the trusted company that meets the core requirements that enterprises need to power their most strategic and mission-critical workloads," said Cain.
Billy Bosworth, CEO, DataStax, which provides DataStax Enterprise, built on Apache Cassandra, also reflected on the IPO's significance for the database market as a whole.
“This event is a market statement that recognizes that there is a critical need for a new era of operational data management. The relational database era is passing, and the new era will have the opportunity for mid-market players like MongoDB and companies such as DataStax with our focus on the enterprise," said Bosworth.
For more information, go to the MongoDB website at www.mongodb.com.