Ellie Mae, which provides a software platform that streamlines the mortgage origination process, lowered the proposed deal size for its upcoming IPO on Thursday. The Pleasanton, CA-based company now plans to raise $45 million by offering 7.5 million shares at an estimated IPO price of $6. The company had previously filed to offer the same number of shares at a range of $9 to $11. At the mid-point of the revised range, Ellie Mae will raise -40% fewer proceeds than previously anticipated. Ellie Mae, which was founded in 1997 and booked $43 million in sales last year, plans to list on the NYSE tomorrow under the symbol ELLI. Barclays Capital is the lead underwriter on the deal, which is now expected to price tonight after the market close.
