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.
Ellie Mae lowers IPO offering price
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