Mar 30, 2011

Mortgage Tech Vendor Prices IPO, Hits the Road...just take a look.

Mortgage technology vendor Ellie Mae on Tuesday priced its initial public offering, laying out plans to raise between $40 million and $60 million.

The firm also officially launched its investor road show and will try to convince institutional buyers to gobble up its 5 million shares. (The offering range is $9 to $11 per share.)

In total, it will issue 7.5 million shares with the firm's executives retaining 2.5 million units. Its stock symbol will be ELLI with shares trading on the New York Stock Exchange.

The Pleasanton, Calif.-based software firm filed its S-1 registration statement with the Securities and Exchange Commission in May of last year. In 2009 it managed a small profit of $1.7 million on revenues of $38 million. (No figures were available at press time for 2010.)

The 13-year-old firm got its start in mortgage banking by offering website technology aimed primarily at loan brokers. It then expanded out its business footprint by becoming a broker LOS with the acquisition of both Genesis and Contour, and eventually expanded further to cater to midtier mortgage lenders. Its was founded by industry veteran Sig Anderman.


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