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).
Along with the $122 million from delinquent millionaires in October, nearly half a billion dollars in back taxes from rich tax cheats has been collected.
Greg Moran, CEO of Zoomcar, joined Cheddar to talk about the growth of the car-sharing platform, the company's recent debut on the NASDAQ, and its continued work in emerging markets.
Higher rents and food prices boosted overall U.S. inflation in December, a sign that the Federal Reserve's drive to slow inflation to its 2% target will likely remain a bumpy one.
Tech companies of all sizes are showing off their latest gadgets at CES 2024 in Las Vegas. And that includes new technology that's changing the world of food and drinks.
