*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).

Share:
More In Business
Tesla’s profit fell in third quarter even as sales rose
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Load More