MongoDB’s IPO day, on Thursday, October 19, MongoDB had a swell moment with their successful IPO which closed at a 33% high. The database company which is breaking the norm, and is located in New York, raked a total of $192 million from its first trade and is now worth $1.6 billion.
The company’s stock was listed on Nasdaq using the symbol MDB, and its IPO opened at $24 per share, which is higher than their earlier plan of $18 – $20. They recorded sales of $32.07 per share, which is higher than the usual IPO $24 high.
Over A 30 Million Downloads
The CEO, Dev Ittycheria told Business Insider of their plans to outshine traditional database companies like Microsoft, Oracle, and Amazon. MongoDB offers a free and open source database mostly used by tech start-ups. The New York-based company is a pioneer in its field and is making success, it has over 30 million downloads, and is the 4th ranking database company according to DB-Engines.
Since the company was founded in 2007, the founders Eliot Horowitz (CTO), Dwight Merriman and Kevin Ryan were discouraged by people for settling the company in New York instead of Silicon Valley. However, at the end of the day’s trade, Horowitz 6% stake is now worth $77 million while the company’s CEO, Dev Ittycheria’s stake is now worth $88 million.
What Horowitz finds most fulfilling is how their innovative database meets the needs of companies by helping them with their unstructured data. And of course, they were told they couldn’t make it as a database company in New York.