Oct 18 2017: MongoDB prices its IPO at $24 per share

Back in October 18 2017: MongoDB prices its IPO at $24 per share

MongoDB has priced its initial public offering (IPO) at $24 per share, raising $192m and giving the company a valuation of approximately $1.2bn. The open-source database provider will begin trading on the Nasdaq Global Select Market on Thursday.

MongoDB's losses have been steady, with the company burning through a lot of cash. In May 2016, MongoDB raised $230m in private equity, giving the company a valuation of $1.6bn at the time.

Fast forward to July 17 2023: MongoDB Stock Up 11,800% Since IPO. Generative AI Could Send It Higher

New-kid-on-the-block MongoDB has beaten expectations and raised guidance in its most recent quarter, after a disappointing previous result. The database company is benefiting from a product that customers find more compelling than those of its rivals, who have been hit by a slowdown in customer spending and a flight to cloud-based services.

MongoDB offers a product that is easier for customers to tailor to their multicloud computing environments, and works with three cloud services leaders - AWS, Azure and Google Cloud.

What must happen for a new entrant to win against incumbents that are huge?