MongoDB, the New York-based NoSQL database company has filed the required documents to go public. The darling of the VC world has raised over $311m from private investors who recently paid as much as $16.72 a share for a piece of the company known as the Grandaddy of NoSQL.

MongoDB launched its first database product in Febraury of 2009 and has rapidly grown to become the fourth most popular database on the market today, behind rivals Oracle, MySQL and Microsoft SQL. MongoDB’s opensource database has become the go-to database of early-stage startups who, when they outgrow the free services available, convert into paying customers.

While the company is yet to turn a profit, it has grown revenues from $45.1m for the first six months of 2016 to $67.9m in the first six months of 2017. While revenues are up, so are expenditures as the company looks to grow its customer base exponentially. MongoDB has spent $78.6m on sales and marketing activities in FY 2017 – while $51.8m went on R&D.

MongoDB says that people have downloaded its Community Server ‘freemium’ offering more than 30m times, with growth increasing steadily.

About the raise

MongoDB hopes to raise a cool $100m with the share price expected to come in between $18 and $20 per share. Morgan Stanley, Goldman Sachs and Barclays are listed among the underwriters. This share range could see the company valued at around $1.6bn, placing it at the lower end of the valuations of tech companies that have gone live this year – a list that features the likes of Alteryx, Carvana, Cloudera, Elevate Credit, Mulesoft, Netshoes, Okta, Snap and Yext.

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That will not deter the earlier investors, who will still make a massive profit from the float at this valuation. These early MongoDB investors include Sequoia, which owns 16.9% of the company. Co-founder Dwight Merriman still owns 7.8% of the company, with other investors including Flybridge Capital, Union Square Ventures and New Enterprise Associates.

And, for those looking to invest at IPO, the potential upside is still massive. Earlier this year, MongoDB CEO Dev Ittycheria told Crain’s New York claims that Oracle is the company’s biggest target. Should they achieve this remarkable task, those who get in at IPO and hold on for the mid to long term could see a massive return on investment.

Keep in mind that for every IPO success story there is at least one failure. While Snap still has a large market cap, and early investors have made a fortune, those who got in at IPO have seen the value of their investment drop by, at time of writing this, around 40%.