Nasdaq, the US stock market, is adding a new player on board. MongoDB, a US-based database software company, has filed its IPO with the SEC (Securities and Exchange Commission).

According to TechCrunch, the New York-based database platform provider has filed its IPO (initial public offering) with SEC to raise up to $100 million in the planned IPO. However, multiple reports said that the deal size is just a placeholder and will change in the future. The company is reportedly looking to raise around $150 million in fresh capital.

The SEC filing is the first steps in the company going public.

The company will be working on pitching potential new investors. MongoDB will be listed on NASDAQ under the ticker symbol MDB. Goldman Sachs, Morgan Stanley, Barclays and Allen & Company are the joint bookrunners on the deal, the NASDAQ reported.

About MongoDB, the database powerhouse

Founded in 2007 and based in New York, MongoDB (formerly known as 10gen) is a next-generation database software company that provides the enterprise with an open source NoSQL database platform, which stores data in JSONB-like documents. The company was founded by the people behind DoubleClick, an internet ad serving firm that Google acquired in 2008.

Originally, the company aimed to build a platform-as-a-service (PaaS) architecture that was based entirely on open source technology.

However, the company went into serious trouble and has not able to find an existing database platform that met their need for their cloud architecture. As a result, the company ended up working on a document-oriented database system called MongoDB. But after realizing the huge potential of their database works, the company has decided to scrap the cloud platform and focus more on MongoDB database platform.

The company’s main technology product is the open source NoSQL database platform called MongoDB. In 2010, it made its commercial support for its flagship database platform.The company’s products include MongoDB Enterprise, Ops Manager, MongoDB Cloud Manager, MongoDB Professional, MongoDB Compass and Connector for BI.

In addition to its database products and related services, the company also host an annual developer conference called MongoDB World, which provides news, latest research, and database development for communities and experts.

The company also made a partnership with EdX to provide free online training. The company also offers public training classes and on-site training.

The company not making enough profit

According to Business Insider, the company is not making enough profit and made a loss of $45.76 million on its $67.9 million revenue in the past six months. Additionally, the company is also facing cutthroat competition from likes of Amazon, Microsoft, and Oracle. The company’s flagship Atlas database also runs on rivals’ own computing platforms, AWS and Microsoft Azure.

For now, the company’s goal is to offer a more superior computing experience for its open source database platform. Another is to reduce the overall workload for companies that used its database platform.

The planned IPO will give the company the fresh cash it needs to pursue product development.

As mentioned earlier by CrunchBase, the database company is a richly funded unicorn, having received more than $300 in while still in private. It also received another $80 million in venture funding, bringing its post-money market valuation to a whopping $1.6 billion. The company’s investors include Flybridge Capital Partners, Intel Capital, In-Q-Tel, New Enterprise Associates, Sequoia Capital, Union Square Ventures and Red Hat. MongoDB will be the seventh unicorn startup to go public this year.