Elevate Credit, a online provider of loans and lines of credits to non-prime consumers, announced terms for its IPO on Monday. The company had previously attempted to go public one year ago before postponing.
The Fort Worth, TX-based company plans to raise $100 million by offering 7.7 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Elevate Credit would command a fully diluted market value of $485 million.
Elevate Credit was founded in 2001 and booked $580 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol ELVT. UBS Investment Bank, Credit Suisse, Jefferies, Stifel and William Blair are the joint bookrunners on the deal. It is expected to price during the week of April 3, 2017.
