Business News

New York-based MongoDB celebrates IPO by ringing opening bell at Nasdaq

Christina Medici Scolaro
Key Points
  • MongoDB celebrates initial public offering by ringing the opening bell at Nasdaq
  • Trades under ticker symbol MDB
  • Four-time CNBC Disruptor 50 Company
MongoDB rings in the trading session at the Nasdaq MarketSite

MongoDB is in celebration mode as the database software provider celebrates its initial public offering by ringing the opening bell at the Nasdaq MarketSite.

The company offered 8 million shares at $24 per share. That comes in above the most recent estimate of the range for the IPO, which was $20-22 per share.

Mongo intends to use the net proceeds for working capital and possible strategic investments or acquisitions.

Headquartered in New York City, Mongo has employees in 19 countries and customers in more than 85 countries. Customers include Citigroup, Gap, Expedia, eBay, and MetLife.

Competitors in the space are IBM, Microsoft and Oracle.

Morgan Stanley, Goldman Sachs, Barclays and Allen & Company were the joint underwriters on the deal.

MongoDb, which derives its name from 'giant,' has been a CNBC Disruptor 50 Company four times, landing at number 27 this year. It's also the second company (Blue Apron) from the 2017 list to go public this year.

MongoDB will trade under ticker symbol MDB.