By Dhirendra Tripathi
Investing.com – MongoDB (NASDAQ:MDB) fell nearly 5% in Wednesday’s trading as the company increased the size of its equity offering by 200,000 shares to 2.5 million while pricing it at $365 apiece.
The shares slipped to trade around the level in the offering.
MongoDB estimates that the net proceeds from the sale of the shares will be approximately $889 million, after deducting underwriting discounts and commissions and estimated offering expenses.
The database platform provider plans to use the proceeds for general corporate purposes. The issue is expected to close Friday.
As per MongoDB’s prospectus, IDC has pegged the worldwide database software market at $73 billion this year and $119 billion in 2025.