MongoDB prices IPO at $24, above the upwardly revised range

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MongoDB prices IPO at $24, above the upwardly revised range

The company originally planned to offer shares at $18 to $20.

The technology company was founded 10 years ago. Still, the company's $1.2 billion valuation was below the $1.6 billion level it attained after raising private capital in 2015.

MongoDB previously raised more than $300 million in equity financing dating back to 2008. They are mostly owned by venture investors, including Sequoia, Flybridge, and NEA, and company executives and founders. Some of MongoDB's offerings include its name-bearing MongoDB open-source database and the Atlas database-as-a-service offering. MongoDB charges money for a supported version of database and has built a few other products for monitoring as well as developer tools.

Revenue was $101.4 million for the year ending in January 2017. With hybrid cloud deployments emerging as the next phase of cloud computing, distributed databases like MongoDB should continue to see a lot of interest. This compares to $65.3 million in the same period the year before.

That's above the most recent estimate of the range for the IPO, which was $20-22 per share.

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