Database software company MongoDB on Wednesday said it is raising $192 million in its initial public offering. The company is expected to start trading on the Nasdaq Global Market on Thursday.
The company is selling 8 million shares of its stock at $24 per share, according to a statement. That would give the company a valuation of $1.17 billion, based on 48.9 million shares outstanding.
Additionally the company said it's given underwriters a chance to buy an additional 1.2 million shares of stock.
That's above the most recent estimate of the range for the IPO, which was $20-22 per share. That estimate, disclosed on Tuesday, was up from the company's original Oct. 6 estimate of $18-20 per share.
The Class A shares sold in this offering will come with limited voting rights -- one vote per share. This means IPO buyers will have limited influence over the company's direction and board makeup.
The company has more than 40 million Class B shares outstanding, which carry 10 votes per share. They are mostly owned by venture investors, including Sequoia, Flybridge, and NEA, and company executives and founders.
New York-based MongoDB was founded in 2007 and filed to go public on Sept. 21.
Other New York technology companies that have gone public in recent years include Blue Apron, Etsy and Yext.
MongoDB -- whose competitors include IBM, Microsoft and Oracle -- has appeared on CNBC's Disruptor 50 list four times, most recently in 2017.
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