April 14, 2011 / 9:05 PM / 8 years ago

Ellie Mae IPO prices as expected, raises $45 mln

NEW YORK, April 14 (Reuters) - Ellie Mae Inc, which provides software and services for loan origination, priced shares as expected and raised $45 million in an initial public offering on Thursday, a source familiar with the deal said.

The company and its shareholders sold 7.5 million shares for $6 each, as planned, said the source, who spoke on condition of anonymity because the information has not yet been officially released.

The Ellie Mae Network electronically links up about 51,000 mortgage professionals to the mortgage lenders, investors and service providers to set up and fund residential mortgages, according to the company’s filing with U.S. regulators.

Ellie Mae said more than 2 million residential mortgage applications were initiated over its network in 2010, estimating that represents about 20 percent of the U.S market.

Shares of Ellie Mae are expected to begin trading on the New York Stock Exchange on Friday under the symbol “ELLI.” ELLI.N Barclays Capital lead underwriters on the offering. (Reporting by Clare Baldwin and Alina Selyukh)

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