GreenSky sets big IPO terms
GreenSky, an Atlanta-based digital lending platform, set its IPO terms to 34.09 million shares at $21-$23.
Why it's a big deal: Because this is a major market validation test for an online lending market whose last two VC-backed "unicorns" — LendingClub and OnDeck Capital — have flopped post-IPO.
- GreenSky would have a fully-diluted market value of around $4.2 billion, were it to price in the middle of its range, and has raised over $600 million from firms like TPG Growth, Pimco, DST Global, ICONIQ Capital, QED Investors and Wellington Management.
- It plans to trade on the Nasdaq under ticker GSKY, with Goldman Sachs as lead underwriter.
- The company reports $139 million of net income on $326 million in revenue for 2017.
Bottom line: "GreenSky made its name as a lender to help people pay for home improvement projects and expanded into helping fund elective health-care procedures." — Bloomberg