Fort Worth’s Elevate Credit was scheduled to be the only IPO for the week of January 18, but the firm announced Wednesday it would temporarily delay the plan. No wonder, the stock market this week has been a wild ride, even for the most experienced Wall Streeter.
In its SEC filing for the IPO, Elevate Credit said it expects to raise $76 million in the IPO. In the last year, Elevate Credit generated approximately $434 million in revenue and reported a net loss of $19.5 million. The market cap for the company is $638.4 million.
Elevate was founded in 2014 as a spinoff of Fort Worth’s Think Finance. Its backers include Silicon Valley venture capital firms including Sequoia Capital and Technology Crossover Ventures. – This report includes information from the Associated Press.