Elevate Credit, an online provider of loans and lines of credits to non-prime consumers, delayed its IPO on Thursday, according to a press release. It had filed to raise $76 million by offering 3.6 million shares at a price range of $20 to $22. The press release cited market volatility as the key factor and stated that the company would continue to evaluate the timing for the offering. Without the offering, postpones what would have been the year's first IPO.
The Fort Worth, TX-based company was founded in 2001 and booked $394 million in revenue for the 12 months ended September 30, 2015. It had planned to list on the NYSE under the symbol ELVT. UBS Investment Bank, Jefferies, Stifel and William Blair were set to be the joint bookrunners on the deal.
