[ad_1]
Elastic, the company specializing in search technologies supplying matches to Uber drivers and other important people of Tinder, was released on Friday and climbed.
California-based Mountain View has set its IPO at $ 36 per share, giving it a market capitalization of $ 2.5 billion. At the opening bell, his stock jumped more than 90% to about $ 70 per share – and maintained that momentum until closing, ending his first day as a rising public company from 94.4% to $ 70 per share, valuing the company at $ 4.9 billion.
With Google's dominance on consumer search, Elastic, founded in 2012, has focused on selling search technologies to large-scale business customers such as eBay, Barclays, IBM and Microsoft. Sprint uses its "Elasticsearch" product to "ingest, search, and analyze" more than 3 billion records and 50 terabytes of data per day, the company said in its S-1 document.
Elastic's revenue for the last 12 months (ending in April) was $ 149.4 million, up 87% from the previous year. The company lost $ 49 million in sales, compared with $ 47 million in losses the year before.
At the end of July 2018, Elastic had an accumulated debt of $ 236 million.
In a statement to Business Insider, CEO and co-founder Shay Banon praised the performance of the first day, but said there was still work to be done. He said:
"It's a great day and it's an important day in the history of society. But it's a day. In terms of pricing, I decided that $ 36 per share was a fair price for our company. It's a multiple of 9.8. I attribute the sharp rise in the stock price to belief in the company. Throughout the roadshow, we found that our story resonated with investors. We will continue to execute and create excellent products for the needs of our customers. "
Source link
