Database software company Couchbase Inc said on Monday it plans to raise as much as $161-million through an initial public offering, valuing the company at more than $900-million.
The company, whose investors include GPI Capital, North Bridge Venture Partners and Accel, plans to sell 7 million shares in an IPO priced at between $20 and $23 per share, a regulatory filing showed.
The company had registered for a stock market listing that could value it as much as $3-billion, Reuters reported in March, citing people familiar with the matter.
Its listing comes at a time when demand for data storage, security and processing has surged due to global businesses moving to a remote working model during the COVID-19 pandemic.
Couchbase’s software helps companies manage their databases on web and mobile applications through its NoSQL cloud database service. Media giant Comcast Corp and e-commerce firm eBay Inc are among the company’s customers.
Couchbase will be listed on the Nasdaq after the offering under the ticker symbol “BASE.”
Morgan Stanley and Goldman Sachs are the lead underwriters of the offering.
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