Upstart Holdings, which operates an online consumer lending platform connecting banks and individuals, raised $ 240 million by offering 12 million shares (75% primary) at $ 20, the lower end of the range from $ 20 to $ 22. Existing shareholder Third Point Ventures had indicated 1.2 million shares in the offer. In terms of prices, the company raised 5% less revenue than expected.
Upstart Holdings plans to list on Nasdaq under the symbol UPST. Goldman Sachs, BofA Securities, Citi, Jefferies and Barclays acted as lead managers of the transaction.
The Low-End $ 20 IPO Priced Upstart Loan Platform article originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.
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