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.
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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