Elastic IPO prices above expected range to value company at $2.5 billion

Elastic IPO prices above expected range to value company at $2.5 billion

Elastic N.V. ESTC, +0.00% priced its initial public offering of 7 million shares at $36 a share, to raise $252 million, and to value The Netherlands-based big data search company at about $2.50 billion. The pricing late Thursday was above the expected range of $33 to $35 a share. If the underwriters, led by Goldman Sachs and J.P. Morgan Securities, exercise all the options to buy additional shares, the company could raise up to $289.8 million. The stock is expected to begin trading Friday morning on the NYSE under the ticker symbol “ESTC.” The company had a net loss of $52.7 million on revenue of $159.9 million in fiscal 2018 ended April 30, compared with a loss of $52.0 million on revenue of $88.2 million a year ago. The company is going public at a time that the Renaissance IPO ETF IPO, -2.16% has gained 2.8% year to date while the S&P 500 SPX, -0.82% has advanced 8.5%.

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