Ellie Mae lowers IPO offering price
Mortgage origination technology firm Ellie Mae slashed the price for its initial public offering from roughly $10 a share to $6 a share. The firm originally planned to sell shares for an amount in the range of $9 to $11 per share. Ellie Mae is offering 5 million shares, while key shareholders have put 2.5 million shares up for sale. Prior to amending its registration statement, the Pleasanton, Calif.-based firm, which hosts one of the largest electronic mortgage origination networks, said it expected net proceeds to be around $40 million, based on the old offering price of $10 per share. With the updated price listing of $6 per share, Ellie Mae expects to produce approximately $21.4 million in net proceeds. Ellie Mae intends to list its common stock on the New York Stock Exchange Amex under the symbol ELLI. Write to Kerri Panchuk.