MongoDB prices IPO above range
MongoDB, a New York-based open source database company, has raised $192 million in its IPO. The company will begin trading today on the Nasdaq under ticker symbol MBD.
Why it's a big deal: MongoDB will be another critical data point for traders trying to decide if "unicorn" SaaS companies can ever really ride their recurring revenue models to profitability — or at least how to separate the future successes from the undercorns. To date, the trend too often has been: Strong IPO pricing, first day pop and then a steady slide.