Database software company MongoDB on Wednesday said it is raising $192 million in its initial public offering. The company is expected to start trading on the Nasdaq Global Market on Thursday.
The company is selling 8 million shares of its stock at $24 per share, according to a statement. That would give the company a valuation of $1.17 billion, based on 48.9 million shares outstanding.
Additionally the company said it's given underwriters a chance to buy an additional 1.2 million shares of stock.
That's above the most recent estimate of the range for the IPO, which was $20-22 per share. That estimate, disclosed on Tuesday, was up from the company's original Oct. 6 estimate of $18-20 per share.
The Class A shares sold in this offering will come with limited voting rights -- one vote per share. This means IPO buyers will have limited influence over the company's direction and board makeup.
The company has more than 40 million Class B shares outstanding, which carry 10 votes per share. They are mostly owned by venture investors, including Sequoia, Flybridge, and NEA, and company executives and founders.
New York-based MongoDB was founded in 2007 and filed to go public on Sept. 21.
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