Rakuten, Progressive and Alphabet-backed online lending platform Upstart has closed its initial public offering, its share price having more than doubled since it floated.
Upstart, the US-based online lending marketplace backed by e-commerce firm Rakuten, insurance firm Progressive and internet and technology conglomerate Alphabet, has closed its initial public offering at approximately $276m.
The company floated in a $240m offering last week, issuing 9 million shares priced at $20,00 each, with shareholders divesting about 3 million additional shares.
The shares closed at $29.47 on their first day of trading on the Nasdaq Global Select Market, and the underwriters took up the option to…
