Database giant MongoDB has confidentially filed for an IPO, according to TechCrunch.
The company has submitted an S-1 filing (the form relevant to stock market debuts) with the US Securities and Exchange Commission, and hopes to go public by the end of the year, the publication claimed.
MongoDB provides open source NoSQL databases, also offering security and training to companies that use its service. It has a wide range of customers including McAfee, the UK Met Office and Gov.uk.
The company was founded in 2007 and, according to the Wall Street Journal, its last valuation at the end of 2014 placed it at US$1.6 billion, while it has raised a total of US$311 million in equity funding.
It has taken advantage of a measure brought in by the US Securities and Exchange Commission last June to file for an IPO confidentially, designed to give companies more flexibility to plan their offering and suffer less scrutiny too.
MongoDB hired investment bankers back in May to put the IPO in motion, the WSJ claimed.
Tech IPOs raised eyebrows following a slump in June where US tech stocks tumbled by 4 percent, losing US$140 billion. After Snap went public earlier this year, its share price fell below its initital $17 offering in July. Over the last month, it has fallen to US$12.74.
MongoDB offered Stitch in June, a service aimed at helping developers free up their time from writing boilerplate code by automating some backend programming. Developers can integrate the service into Google, Facebook, Amazon Web Services and more.
"In confidentially filing its S-1, MongoDB is on track to become the first IPO in the non-Hadoop big data space, which stands as a pivotal milestone for the industry and provides more validation that there is life beyond analytical and relational databases. Our experience underscores this shift as well," said Greg Henry, CFO of Couchbase, another NoSQL database provider.
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