Elevate Credit Inc., an online lender based in Fort Worth that focuses on riskier borrowers, opened its initial public offering today cutting the expected issue price it had originally targeted by nearly half.
The company said it expects an issue price of $6.50 per share Thursday morning, down from the previous $12 to $14 price range the company said it expected. The company also increased the number of shares it is selling, to 12.4 million shares, which would bring in $80.6 million for the company. That is up from 7.7 million shares it had originally planned to sell.
The stock has been approved to list on the New York Stock Exchange and is expected to start trading today under the symbol “ELVT.”
Victory Park Capital, one of the Company’s lenders, has agreed to acquire 2.3 million shares in the offering at the public offering price.
UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Jefferies LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. Stifel, Nicolaus & Company, Incorporated and William Blair & Company L.L.C. are also acting as joint book-running managers for the offering.