Shares of Data Company Elastic Nearly Double in NYSE Debut

October 5, 2018

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.