Elastic's Soaring IPO Stretches Valuation to $4.9 Billion
- Company’s biggest shareholder close to becoming a billionaire
- Dutch operation provides technology to Uber, Tinder, Netflix
Shay Banon, co-founder and chief executive officer of Elastic N.V., center, rings the opening bell during the company's initial public offering (IPO) at the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The standout winner on a tough day for tech stocks Friday was a Dutch-based IPO which supplies search and data software to companies ranging from Credit Suisse and Accenture to Tinder and Uber.
Elastic NV almost doubled in value on its first day of trading in New York, closing at $70 compared with an initial price of $36. The company raised $252 million and ended the day with a market cap of almost $4.9 billion.