Elevate Credit Inc. increased the number of shares being offered in its IPO and reduced the expected per-share price.
The company is offering 12.4 million common shares, up from 7.7 million. The underwriters will be granted an option to purchase up to 1,860,000 of additional common shares.
The company expects the IPO to priced at $6.50 per share, down from its lowered range of $12.00 per share to $14.00 per share.
Elevate Credit will use approximately $14.9 million of the net proceeds to repay part of the outstanding amount under its convertible term notes, approximately $53.0 million to repay a portion of the outstanding amount under its financing agreement. It will use the remainder for general corporate purposes, including to fund a portion of the loans made to its customers.
UBS Securities LLC, Credit Suisse Securities (USA) LLC, Jefferies LLC, Stifel Nicolaus & Co. Inc. and William Blair & Co. LLC are the underwriters for the offering.