Database computer software business Couchbase valued at approximately $1.2 bln in Nasdaq debut

The Nasdaq logo is displayed at the Nasdaq Marketplace web site in New York September 2, 2015. REUTERS/Brendan McDermid/File Picture

July 22 (Reuters) – Shares of Couchbase Inc (Base.O) jumped far more than 23% in their Nasdaq debut on Thursday, offering the databases software program business a industry capitalization of nearly $1.2 billion.

The shares opened at $29.60, properly earlier mentioned $24 at which the organization sold about 8.34 million shares in it upsized IPO Wednesday.

The firm, which lifted $200 million in its IPO, experienced previously planned to provide 7 million shares priced among $20 and $23 just about every. It is backed by traders this sort of as GPI Funds, North Bridge Venture Associates and Accel.

Couchbase’s software package helps shoppers, together with media giant Comcast Corp (CMCSA.O) and e-commerce company eBay Inc (EBAY.O), deal with their databases on world-wide-web and cellular programs via its NoSQL cloud database support.

Reuters documented in March that Couchbase had registered for a inventory sector listing that could value it as significantly as $3 billion, citing folks acquainted with the make a difference.

The company’s current market debut arrives at a time when demand for facts storage, security and processing has surged on a international scale with corporations transferring to a distant performing model due to the COVID-19 pandemic.

Morgan Stanley and Goldman Sachs had been the guide underwriters for the providing.

Reporting by Sohini Podder Modifying by Shinjini Ganguli

Our Standards: The Thomson Reuters Rely on Principles.

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