Upstart Holdings, a leading cloud-based consumer lending platform, announced terms for its IPO on Friday.
The San Mateo, CA-based company plans to raise $252 million by offering 12 million shares (25% insider) at a price range of $20 to $22. At the midpoint of the proposed range, Upstart Holdings would command a fully diluted market value of $1.9 billion.
Upstart provides a cloud-based lending platform that leverages artificial intelligence, and the company believes that this allows consumers to benefit from higher approval rates, lower interest rates, and an automated digital experience.
Upstart Holdings was founded in 2012 and booked $209 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol UPST. Goldman Sachs, BofA Securities, Citi, Jefferies and Barclays are the joint bookrunners on the deal. It is expected to price during the week of December 14, 2020.
