May 14, 2018

GreenSky sets big IPO terms

Dan Primack, author of Pro Rata
Source: Giphy

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

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Trump to end Hong Kong’s special trade status

President Trump. Photo: Win McNamee/Getty Images

President Trump announced on Friday that the U.S. would be fundamentally changing longstanding policies toward Hong Kong as a result of Chinese encroachment on the city's autonomy.

Why it matters: Trump said he would be effectively ending the special trade status that has allowed Hong Kong to flourish as a gateway to the Chinese market. That leaves an uncertain future for businesses that operate in Hong Kong, not to mention the city's 7 million residents, and could be met with reprisals from Beijing.