GreenSky Inc., a financial technology company, said it expects its 34,090,909 class A common shares to price at between $21.00 per share and $23.00 per share in its initial public offering.
It also plans to grant underwriters an option to buy up to an additional 5,113,636 class A common shares. The company has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol GSKY.
Based on the midpoint of the expected IPO price range, the company estimates that the net proceeds from the IPO, after deducting estimated underwriting discounts and commissions and estimated offering expenses, will be approximately $807.1 million if the underwriters exercise in full their option to purchase additional shares.
The company plans to use the net proceeds from the offering to buy the same number of class A common shares or other equity interests that are exchangeable or convertible into class A common shares from certain of its investors and current and former employees.
GreenSky had approximately 12,000 active merchants on its platform as of March 31. Since its inception, merchants have used its platform to enable about 1.7 million consumers to finance more than $12 billion of transactions with its bank partners.
Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley are acting as joint lead book-running managers and as representatives of the underwriters for the offering. Bank of America Merrill Lynch, Citigroup, Credit Suisse and SunTrust Robinson Humphrey also are acting as book-running managers. Raymond James, Sandler O'Neill & Partners LP, Fifth Third Securities and Guggenheim Securities are acting as co-managers.
