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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alphabet Inc | NASDAQ:GOOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.66 | 0.39% | 169.65 | 169.58 | 169.80 | 169.90 | 167.89 | 169.22 | 15,147,908 | 00:59:35 |
By Angela Chen
Web-based lender OnDeck Capital boosted the amount it intends to raise in its initial public offering to $207 million as it set the deal's estimated terms.
The fast-growing, but unprofitable, company said it expects to offer 10 million shares at $16 to $18 a share and will give underwriters the right to purchase up to an additional 1.5 million shares.
The small-business lender filed for an IPO last month, amid strong investor interest in nonbank lending companies. The company had previously guided for a $150 million offering.
OnDeck uses proprietary software and "big data" to evaluate credit risk, while it collects from borrowers with electronic-payment technology. Backers include Google Ventures and PayPal co-founder Peter Thiel.
OnDeck has been growing quickly, but is still losing money. For the six months ended June 30, OnDeck Capital's revenue rose $20 million to $64.5 million, but its loss widened to $14.4 million from $13.7 million.
The Wall Street Journal reported in August that OnDeck's planned IPO could value the business at about $1.5 billion. Underwriters for OnDeck's planned IPO include Morgan Stanley and Merrill Lynch.
The company plans to list its shares on the New York Stock Exchange under the symbol ONDK.
Write to Angela Chen at angela.chen@dowjones.com
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