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Elastic Stretches IPO Range From $26-$29 To $33-$351 min read

Elastic, an open-source powered search shop, has dramatically raised its IPO range.

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The company, as we previously reported, initially targeted a $26 to $29 per share price range for its IPO. The company has since boosted those figures to a far higher $33 to $35 price interval.

From low-to-low and high-to-high, the new prices are 26.9 percent and 20.7 percent higher, respectively.

The repricing of Elastic’s range is impressive and marks yet another bullish signal for companies that are not profitable when they go public.

Results Reminder

Elastic is growing quickly and losing more money over time. The company lost $52 million in its fiscal year ending April 30, 2017 off revenue of $88.2 million. The next fiscal year saw Elastic’s revenue surge 81.4 percent to $159.9 million. The company lost just a smidge more during the period, inching up to a $52.7 million loss. That’s the good news.

Elastic turned in $56.6 million in top line during its most recent quarter (ending July 31, 2018), up from $31.6 million in the year ago period. However, during those two quarters, the firm’s losses grew from $10.0 million to $18.6 million. The same story repeats when looking at the preceding quarters (ending April 30, 2018 to April 30, 2017). Elastic’s losses grew from $11.8 million to $21.4 million.

But as we’ve seen, profitability taking a firm backseat to growth. Elastic isn’t even the first company in recent memory to raise its range and then price high while losing money.

The post Elastic Stretches IPO Range From $26-$29 To $33-$35 appeared first on Crunchbase News.

Source: Crunchbase

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