Company decides to take advantage of the “confidential filing” provision of the JOBS act.
MongoDB has filed for its IPO by confidentially submitting an S-1 filing in the past few weeks.
The company is reported to be aiming to go public before the end of the year, according to a TechCrunch source.
MongoDB, a free and open source database program that works cross-platform and is officially classed as a NoSQL database program, has raised over $300m in equity funding since 2008 from the likes of Intel Capital and Sequoia Capital, with its last funding round coming in 2014 and valuing the company at around $1.6bn, according to the Wall Street Journal.
The company has made its name by going after Oracle, the biggest database player in town, and it has made some progress in this field. The company has been ranked as one of the top ranked databases by Solid IT.
“Companies are racing to create new digital services that are engaging, highly responsive and able to meet fast-evolving customer demands so they can compete successfully today and into the future. The database is at the crux of digital transformation, and MongoDB’s planned IPO validates a larger shift in the market that Couchbase has been seeing as a strong player in this space for many years,” said Matt Cain, CEO of Couchbase.
The reason MongoDB could file its IPO confidentially is due to the “confidential filing” provision of the JOBS Act, introduced in 2012.
The open source NoSQL company’s IPO would make it the first in the non-Hadoop big data space.