MongoDB, a New York company that sells subscriptions to versions of open-source database software that goes by the same name, filed on Thursday to go public on the Nasdaq Global Market under the symbol MDB.
The company is looking to raise up to $100 million in the deal, whose lead underwriters include Morgan Stanley, Goldman Sachs, Barclays and Allen & Co, according to Thursday’s filing. The news comes three months after fellow New York company Blue Apron filed to go public.
In the six months that ended on July 31, MongoDB had a $45.76 million net loss on $67.99 million in revenue. Most of the revenue comes from subscriptions; the rest is from services.
The open-source MongoDB database picked up traction early on because it was seen as being easy to learn in comparison with more traditional databases.
The company cites enterprise software providers like IBM, Microsoft and Oracle as competitors. Plus, MongoDB said there are NoSQL database offerings available from public cloud infrastructure providers like Alphabet, Amazon and Microsoft. MongoDB’s own Atlas cloud database service runs atop the Alphabet, Amazon and Microsoft’s clouds.
“In addition, other large software and internet companies may seek to enter our market,” MongoDB said.
The company had a post-money valuation of $1.6 billion, according to PitchBook data. Investors include Flybridge Capital, Sequoia Capital and Union Square Ventures. MongoDB had more than 4,300 customers, including more than half of the Global Fortune 100 companies, and 820 employees as of July 31, according to the filing.