Shares of Couchbase Inc jumped more than 23% in their Nasdaq debut on Thursday, giving the database software company a market capitalization of nearly $1.2 billion.
The shares opened at $29.60, well above $24 at which the company sold roughly 8.34 million shares in it upsized IPO Wednesday.
The company, which raised $200 million in its IPO, had earlier planned to sell 7 million shares priced between $20 and $23 each. It is backed by investors such as GPI Capital, North Bridge Venture Partners and Accel.
Couchbase's software helps customers, including media giant Comcast Corp and ecommerce firm eBay Inc, manage their databases on web and mobile applications through its NoSQL cloud database service.
Reuters reported in March that Couchbase had registered for a stock market listing that could value it as much as $3 billion, citing people familiar with the matter.
The company's market debut comes at a time when demand for data storage, security and processing has surged on a global scale with businesses moving to a remote working model due to the Covid-19 pandemic.
Morgan Stanley and Goldman Sachs were the lead underwriters for the offering.
(Published 22 July 2021, 17:36 IST)
JOIN US