Tech IPO Boom: Elastic (ESTC) Finishes up 94% on NYSE Trading Debut

via Elastic

Shares of Elastic (ESTC), which commercializes open-source software for search and data analytics, finished up 94% on the company’s New York Stock Exchange debut on Friday, despite the S&P 500 closing down 1.7% in the same session.

Elastic raised $252 million in total from the IPO, selling 7 million ordinary shares of its stock. After originally pricing shares in the range of $26 to $29 per share last month, Elastic revised to a higher estimated range of $33 to $35 per share. After being up as much as 106%, ESTC closed at $70 per share.

ESTC via TradingView

Launched in 2010, Elastic set out to enable users to better interaction with application and website data through a more efficient search functionality. Since its launch, Elastic has had 350 million product downloads, built a meetup community of more than 100,000 developers and served more than 5,500 customers.

“For example, when you use Uber, Instacart and Tinder, it’s Elastic that pairs a rider with a nearby driver, provides relevant results and recommendations for an online shopper, or matches people they might like — and who might like them back,” said Elastic CEO, Shay Banon, in a blog post celebrating the NYSE listing.

With Elastic’s incredible performance on Friday, 2018’s tech IPO hot streak continues as the average return for these companies stands firmly above 50%.

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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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