4 Things to Know About New IPO MongoDB

One of the newest IPOs to hit the market is open-sourced database software company MongoDB (NASDAQ: MDB), which went public Oct. 19 at $24 per share and subsequently spiked 34%, before settling back in the $30 range, for roughly a $1.5 billion market capitalization.

MongoDB was founded in 2007 by DoubleClick founders Dwight Merriman, Eliot Horowitz, and Kevin Ryan, who were frustrated by the rigidity and limits of traditional relational databases. The company was backed by many high-profile venture capital firms such as Sequoia Capital (16.9% ownership), Flybridge (11.6%), Union Square (9.7%), and NEA (7.2%).

Image source: Getty Images.

Source: Fool.com