Shares of Data Company Elastic Nearly Double in NYSE Debut
*By Bridgette Webb*
A market downturn couldn't hold back Elastic's public debut on Friday.
The Dow , NASDAQ, and S&P 500, all closed in the red, as mixed employment data pushed interest rates higher. But shares of data service provider Elastic ($ESTC) opened at $70 per share, almost double its listing price of $36.
The company raised $252 million in the offering, but founder and CEO Shay Banon said that's not why he decided to take his company public.
"We view \[the IPO\] as a maturity event for a company ー it's time to stop being an adolescent and start to become a real company that's arch goes beyond a few years," Banon said in an interview on Cheddar Friday.
The Silicon Valley-based company's search tech finds information and gleans insights after reviewing large amounts of data, which is available for a diverse set of applications and uses.
Some of Elastic's clients include Uber, Facebook ($FB), Lyft, Microsoft ($MSFT), and Match Group's (MTCH) Tinder.
Competitors include Amazon($AMZN), Alphabet's ($GOOGL) Google, and Splunk ($SPLK).
For full interview [click here](https://cheddar.com/videos/elastic-has-strong-market-debut).
Jessica Traver Ingram, CEO and co-founder of IntuiTap Medical, discusses developing the company's Ver Touch device, the crucial FDA approval it just won, and why innovation in spinal blocks and epidurals is long overdue.
Matt Stucky, Chief Portfolio Manager of Equities at Northwestern Mutual Wealth Management chats why Nvidia has been unsteady leading up to its latest earnings results, plus what’s to come for the so-called ‘Magnificent 7.’
Walmart's revenue increased last quarter because customers kept coming back again and again. Are most shoppers buying and avoid the same products as you are?
NBA champion Kendrick Perkins and Edly founder Chris Ricciardi discuss working together to create Nilly, a new platform where fans can invest in name, image, and likeness deals of their favorite college athletes.
Off the back of their latest earnings results, Hungryroot CEO Ben McKean discusses how the company is bringing healthy food straight to customers' doors and how it's using A.I.
Jack Ablin, Cresset Capital founding partner and CIO, breaks down the current market, from all eyes on Nvidia’s earnings to what sectors he’s seen deliver excellent returns.
