In a statement database software company Couchbase Inc said, it plans on raising $161 million through an initial public offering, which could see the company valued at more than $900 million.
As per its regulatory filing, Couchbase, whose investors include GPI Capital, North Bridge Venture Partners and Accel, plans on selling 7 million shares in an IPO priced at between $20 and $23 per share.
Earlier this year in March, the company had registered for a stock market listing that could value it as much $3 billion.
The market offering 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. Its clients include Comcast Corp and eBay Inc.
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.