MongoDB skyrockets 30% on its first day of trading
Brian Ach/Getty Images
- Mongo DB jumped more than 30% on its first day of trading.
- The company isn't profitable but is working on improving that.
MongoDB, a database provider, jumped on its first day of trading.
Shares were up more than 30% after opening for trading on the day of its initial public offering. The company priced its IPO at $24 a share, which was higher than its expected range of $20-$22 per share. It is currently trading at about $29.40.
The company offered 8 million shares in its IPO, and raised $192 million in its first offering. This values the company at $1.2 billion, according to CNBC. MongoDB started trading under the ticker MDB.
The company offers free database software that is popular among tech startups. Its business model comes from the extra support and services it offers on top of the database software. The company hopes that as tech startups grow, they will upgrade to MongoDB's premium services.
The company does not turn a profit. It reported a $45.76 million loss during the six months ending on July 31. It made $67.9 million in revenue in that same time frame. The company is working its way towards profitability though, as the loss per share of $1.71 is less than the $1.93 in the same period last year.
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- Chinese smartphone brands under scrutiny, government to check components, pre-installed apps: Report
- Best AMD desktop processors — which one to buy in India?
- Best AMD Ryzen laptops in India
- Best TVs with HDR support in India
- Bored Ape NFT sells for $2.7 million, making it the most expensive in Yacht Club collection
- Startup salaries have increased over 40% in the last six months
- Indian Employees
- Data Science Job
- Google Pixel 6 series
- CBSE examdate sheet
- Tata Punch Price
- Motorola Edge 20 Mobile
- Google TV stick vs Amazon Fire TV stick
- OLA electric scooter
- Samsung Galaxy M52 review
- vodafone Idea News
- India Coal Crisis
- iPhone 13 vs iPhone 13 mini
- IRCTC Share price
- Maximum Sixes
- Tata Sons