May 14, 2018

GreenSky sets big IPO terms

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

Go deeper

Axios

Updated 22 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Over 500 schools in South Korea have either closed or postponed reopening, according to the Korea Times, which cites data from the Ministry of Education.

Why it matters: South Korea has been a model for how to handle the novel coronavirus, and the closures reportedly followed concerns from parents and teachers over child safety. The country's confirmed death toll has plateaued at 269 over the past few days, with few increases, per Johns Hopkins data.

Go deeper (2 min. read)

Axios

Updated 23 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 4 p.m. ET: 5,877,503— Total deaths: 362,731 — Total recoveries — 2,464,595 — Map.
U.S.: Total confirmed cases as of 4 p.m. ET: 1,735,971 — Total deaths: 102,286 — Total recoveries: 399,991 — Total tested: 15,646,041 — Map.
Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
Supreme Court: Senators Grassley, Leahy urge Supreme Court to continue live streams post-pandemic.
Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
🚀 Space: How to virtually watch SpaceX's first crewed launch Saturday.

Other resources (<1 min. read)

Dave Lawler, Bethany Allen-Ebrahimian

1 hour ago - World

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.

Go deeper (2 min. read)