Ellie Mae, which provides an integrated software system that automates the mortgage origination process, announced terms for its IPO on Monday. The Pleasanton, CA-based company plans to raise $75 million by offering 7.5 million shares at a price range of $9 to $11. At the mid-point of the proposed range, Ellie Mae will command a market value of $230 million. Ellie Mae, which was founded in 1997 and booked $43 million in sales last year, plans to list on the NYSE under the symbol ELLI. Barclays Capital is the lead underwriter on the deal.
