MongoDB has raised $192 million, setting the share price for its IPO at $24, reported TechCrunch.
The company is selling 8 million shares, with the option for underwriters to buy another 1.2 million. If the extra allotment is sold, MongoDB may raise $220 million from the IPO.
MongoDB’s last round of funding was over two years ago, when it reported a $1.6-billion valuation.
It has raised over $300 million in equity financing since 2008 from investors such as Sequoia Capital, Intel Capital, and NEA.
MongoDB helps enterprises manage databases, and its offerings include the MongoDB open source database and a database-as-a-service called Atlas.
Its open source “freemium” Community Server is also popular among startups, and has been downloaded over 30 million times.
TechCrunch reported that the IPO will be a litmus test for companies aiming to build businesses on open source software.
MongoDB acknowledged that since its database server is open source software, community edition users may not convert to customers.