(Reuters) – Database software firm Couchbase Inc on Monday registered for a U.S. initial public offering (IPO), according to a regulatory filing, as demand for data storage and processing soars from the remote working wave brought on by the COVID-19 pandemic.
Reuters reported in March that Couchbase could be valued at as much as $3 billion in an IPO, according to people familiar with the matter.
Couchbase helps corporate customers such as Infosys and Emirates manage databases on web and mobile applications through its NoSQL cloud database service.
Founded in 2011, Couchbase has raised $294 million from investors. It last raised $105 million at a valuation of $580 million in May 2020, according to PitchBook data. GPI Capital, North Bridge Venture Partners and Accel are among its backers.
The company had first planned to go public in 2016, after it raised $30 million.
Couchbase’s latest listing plans come after Snowflake Inc, a cloud-based data-warehousing company, went public last year at a $33 billion valuation.
Couchbase did not disclose any other details about its listing plans. The number of shares to be sold or the price range for the offering have not been determined yet, the company said in a filing.
The company intends to list its common stock on the Nasdaq under the ticker symbol “BASE”.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as lead book-running managers for the proposed offering.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)
