• Elastic — a company that provides search technology to customers like Uber and Tinder — went public on Friday, and had a first-day pop of 96%.
  • With its IPO priced at $36 per share, Elastic stock closed at $70.50 on Friday.
  • Elastic has an impressive portfolio of customers using its technology, including eBay, Barclays, IBM, and Microsoft.

  • Twelve-month revenues were up 87% year-over-year as of April, but by July, the company had an accumulated debt of $236 million.

Elastic — the search technology company powering matches with drivers on Uber and significant others on Tinder — went public on Friday, and roared out of the gate.

The Mountain View, California based company priced its IPO at $36 per share, giving it a market cap of $2.5 billion. Not long after the opening bell, its stock shot up over 90% to about $70 per share — and maintained that momentum through the close, ending its first day as a public company at $70.50 per share, valuing it at $4.9 billion.

With Google dominating consumer search, Elastic, founded in 2012, focused on selling search technology to large-scale business customers like eBay, Barclays, IBM, and Microsoft. Sprint uses it’s “Elasticsearch” product for “ingesting, searching, and analyzing” more than 3 billion records and 50 terabytes of data per day, the company said in its S-1 filing.

Elastic’s last 12-month revenue (ending in April) was $149.4 million, up 87% from the year prior. The company lost $49 million on that revenue, compared to $47 million in losses the year prior.

At the end of July 2018, Elastic had an accumulated debt of $236 million.