Ellie Mae has announced plans for its initial public offering (IPO) of at least 7.5 million shares of common stock. The shares are expected to sell for $9 to $11 each, offering approximately five million shares, while current shareholders plan to sell an additional 2.5 million shares. According to the Securities & Exchange Commission (SEC) filing, Ellie Mae will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders. The selling stockholders include Ellie Mae's chief executive officer, Sig Anderman; chief technology officer, Limin Hu; and entities affiliated with members of the company's board of directors.
Ellie Mae will list the common stock on the New York Stock Exchange (NYSE) under the ticker symbol "ELLI." Prior to this offering, there has been no public market for the common stock.
The Ellie Mae Network electronically connects approximately 51,000 mortgage professionals to the mortgage lenders, investors and service providers integral to the origination and funding of residential mortgages. In 2010, more than two million residential mortgage applications were initiated over the Ellie Mae Network, approximately 20 percent of the total U.S. residential mortgage market.
Click here to view Ellie Mae's official filing with the SEC.