Upstart Holdings, which operates an online consumer lending platform connecting banks and individuals, raised $240 million by offering 12 million shares (75% primary) at $20, the low end of the range of $20 to $22. Existing shareholder Third Point Ventures had indicated on 1.2 million shares in the offering. At pricing, the company raised 5% less in proceeds than anticipated.
Upstart Holdings plans to list on the Nasdaq under the symbol UPST. Goldman Sachs, BofA Securities, Citi, Jefferies and Barclays acted as lead managers on the deal.
