Rakuten, Progressive and GV-backed online lending platform developer floated at the bottom of its range before a first-day pop.
US-headquartered online lending marketplace Upstart Holdings floated yesterday in a $240m initial public offering on the Nasdaq Global Select Market in which internet and technology group Alphabet sold shares.
The offering consisted of 9 million shares issued by Upstart and just over 3 million sold by its shareholders. They were priced at the foot of the IPO’s $20 to $22 range and opened at $26.00 yesterday, closing at $29.47 to give the company a market capitalisation of over $2.14bn.
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