US-based credit platform OnDeck Capital has priced a $200m initial public offering and will issue 10 million shares priced at $20 each on the New York Stock Exchange later today.
OnDeck runs an online platform that uses data analytics to assess and lend to small businesses.
The company, which floated above its $16-18 range, had raised almost approximately $157m in equity and $227m in debt since it was founded in 2006.
Sapphire Ventures, the corporate venturing affiliate of software company SAP, retained an 8.4% stake, down from 9.9%, while internet company Google’s corporate venturing arm Google Ventures’ stake was diluted from 6.2% to 5.3%.
RRE Ventures remains OnDeck’s largest shareholder, with a 12.8% stake post-IPO. Other prominent shareholders include Institutional Venture Partners (12%), Village Ventures (9%), Tiger Global (5%) and First Round Capital (4.7%).
Morgan Stanley and BofA Merrill Lynch are the joint lead book-running for the IPO, while J.P. Morgan Securities, Deutsche Bank Securities and Jefferies are serving as book-running managers. Raymond James, Stifel, Nicolaus & Company and Needham & Company are acting as co-managers.
The underwriters have the 30-day option to buy another 1.5 million shares, which would increase the size of the offering to $230m.