(Bloomberg) -- Database software maker MongoDB Inc. rose in its trading debut after pricing its initial public offering above the marketed range.
Shares of MongoDB climbed about 30 percent to $31.11 at 10:58 a.m. in New York, giving the company a market value of about $1.5 billion. The 8 million shares sold for $24 apiece to raise $192 million, the company said Wednesday in a statement. MongoDB had previously increased the marketed range to $20 to $22 a share from $18 to $20.
MongoDB’s IPO comes in what could be the biggest month of the year for U.S. listings. After a slow summer, it joins the 20 companies that have priced or are scheduled to price in October, including fellow enterprise technology companies Switch Inc. and ForeScout Technologies Inc.
New York-based MongoDB posted a net loss of $86.7 million on revenue of $101 million for the year ended Jan. 31. It lost $73.5 million on revenue of $65.3 million during the previous 12 months.
MongoDB, which is backed by Sequoia Capital and Union Square Ventures, said in a regulatory filing that it plans to use the proceeds for working capital and may use a portion for acquisitions.
The company intends to list Thursday on the Nasdaq Global Market under the symbol MDB. Morgan Stanley, Goldman Sachs Group Inc., Barclays Plc and Allen & Co. are leading the deal.