MongoDB Climbs After Pricing $192 Million IPO Above Higher Range

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MongoDB 'Well Positioned' for the Future, CEO Says

Database software maker MongoDB Inc. rose in its trading debut after pricing its initial public offering above the marketed range.

Shares of MongoDB climbed about 30 percent to $31.11 at 10:58 a.m. in New York, giving the company a market value of about $1.5 billion. The 8 million shares sold for $24 apiece to raise $192 million, the company said Wednesday in a statement. MongoDB had previously increased the marketed range to $20 to $22 a share from $18 to $20.

MongoDB’s IPO comes in what could be the biggest month of the year for U.S. listings. After a slow summer, it joins the 20 companies that have priced or are scheduled to price in October, including fellow enterprise technology companies Switch Inc. and ForeScout Technologies Inc.

New York-based MongoDB posted a net loss of $86.7 million on revenue of $101 million for the year ended Jan. 31. It lost $73.5 million on revenue of $65.3 million during the previous 12 months.

MongoDB, which is backed by Sequoia Capital and Union Square Ventures, said in a regulatory filing that it plans to use the proceeds for working capital and may use a portion for acquisitions.

The company intends to list Thursday on the Nasdaq Global Market under the symbol MDB. Morgan Stanley, Goldman Sachs Group Inc., Barclays Plc and Allen & Co. are leading the deal.

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