Elastic, which provides open-source data search and visualization software, raised the proposed deal size for its upcoming IPO, scheduled to price later this week.
The Mountain View, CA-based company now plans to raise up to $245 million by offering 7.0 million shares at a price range of $33 to $35, up from the original range of $26 to $29. At the high end of the revised range, Elastic will raise 27% more in proceeds than at the original midpoint.
Elastic was founded in 2012 and booked $185 million in sales for the 12 months ended July 31, 2018. It plans to list on the NYSE under the symbol ESTC. Goldman Sachs, J.P. Morgan, Barclays, RBC Capital Markets, BofA Merrill Lynch, Citi and Jefferies are the joint bookrunners on the deal.
