Ellie Mae priced its initial public offering at $6 per share last Thursday evening, raising $45 million for the Pleasanton, Calif.-based mortgage technology vendor, a source confirmed to Mortgage Technology.
The initial offering of 7.5 million shares of common stock will begin trading on the New York Stock Exchange-owned AMEX exchange Friday under the symbol ELLI—350 days after the company registered its first IPO paperwork seeking to raise $86.25 million.
With slightly more than 20.4 million shares outstanding, the stock's opening price values Ellie Mae's market capitalization at $122.4 million.
As
After a window of approximately three months, research analysts at the underwriter and co-managers will be allowed to publish their research on Ellie Mae, providing an investor-minded analysis of the company, which generated net income of $777,000 on revenue of $43.23 million in 2010.
Barclays Capital served as sole underwriter on the deal, while William Blair and Co., Piper Jaffray and Morgan Keegan were co-managers. All four were sold books of stock the source said, who is familiar with the deal but not authorized to speak publicly on it.
Ellie Mae officials have remained all but silent in the nearly year-long IPO process, regularly declining requests for media comment about the company, citing the quiet period associated with the IPO.
