On Deck Capital, which originates over $1 billion in annual small business loans through its OnDeck online platform, announced terms for its IPO on Thursday. The New York, NY-based company plans to raise $170 million by offering 10 million shares at a price range of $16 to $18. At the midpoint of the proposed range, On Deck would command a fully diluted market value of $1.3 billion.
Backed by impressive venture capital from RRE, IVP, Tiger Global and Google (GOOGL), On Deck's IPO launch arrives just a few days after competitor LendingClub (LC) set terms to raise $635 million next week.
On Deck Capital, which was founded in 2006 and booked $131 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol ONDK. Morgan Stanley, BofA Merrill Lynch, J.P. Morgan, Deutsche Bank and Jefferies & Co. are the joint bookrunners on the deal. It is expected to price during the week of December 15, 2014.
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