By Maria Armental
Shares in Hortonworks Inc.'s initial public offering priced at
$16 each on Thursday, putting the a data-crunching software company
on track to raise $115 million.
The price was above the company's previous range of $12 to $14 a
share and suggests an initial market value of about $662 million.
In March, the company raised about $100 million at a valuation of
more than $1 billion.
Shares are expected to start trading on the Nasdaq Global Select
Market on Friday under the ticker symbol "HDP."
The Silicon Valley company is one of several aiming to
commercialize on big data software Hadoop, an open source project
developed at Yahoo Inc. Hortonworks was founded in 2011 by a group
of engineers from the original Yahoo Haddop team and backed by
investors Benchmark, Index Ventures, Teradata Corp. and
Hewlett-Packard Co. Yahoo is the largest shareholder with a 19.6%
stake, according to a regulatory filing.
Hortonworks and its chief competitors, Cloudera Inc. and MapR
Technologies Inc., charge for subscriptions and professional
services that they provide on top of Hadoop.
As of Sept. 30, the company reported $33.4 million in revenue
and $53.2 million in gross billings, more than double the year
earlier, while net losses reached $86.7 million, up 80% from the
year earlier, according to its amended filing.
Write to Maria Armental at maria.armental@wsj.com
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