Elastic— the search technology company powering matches with drivers on Uber and significant others on Tinder — went public on Friday, and roared out of the gate.
The Mountain View, California based company priced its IPO at $36 per share, giving it a market cap of $2.5 billion. Not long after the opening bell, its stock shot up over 90% to about $70 per share — and maintained that momentum through the close, ending its first day as a public company up 94.4% to $70 per share, valuing the company at just shy of $4.9 billion.
With Google dominating consumer search, Elastic, founded in 2012, focused on selling search technology to large-scale business customers like eBay, Barclays, IBM, and Microsoft. Sprint uses it’s “Elasticsearch” product for “ingesting, searching, and analyzing” more than 3 billion records and 50 terabytes of data per day, the company said in its S-1 filing.
Elastic’s last 12-month revenue (ending in April) was $149.4 million, up 87% from the year prior. The company lost $49 million on that revenue, compared to $47 million in losses the year prior.
At the end of July 2018, Elastic had an accumulated debt of $236 million.