One of Atlanta's fastest growing fintech firms has announced a major increase from its original goal for an initial public offering.
GreenSky Inc. plans to raise $748.1 million in an IPO of 34.1 million shares priced somewhere between $21 to $23, according to the company's filing with the SEC. The firm's original IPO funding goal was set at $100 million, still a rather large goal, in late April. If underwriters of the deal buy an additional 5.1 million shares at the maximum share price, GreenSky could raise up to $901.7 million.
The firm plans to trade under the symbol “GSKY” under the Nasdaq. GreenSky is backed by the Pacific Investment Management Company and TPG, with Goldman Sachs, J.P. Morgan, Morgan Stanley and Citigroup underwriting the deal.
Greensky continues a trend of Atlanta FinTech IPOs this year, with Cardlytics, a provider of marketing intelligence for financial institutions, going public in February and EVO Payments, a payments solutions business, filing its IPO last week. Meanwhile, Kabbage, which automates loans online to small businesses and customers, raised $250 million in funding from SoftBank last summer, triggering rumors of a potential IPO.
GreenSky offers a point-of-sale technology platform with paperless solutions and financial services for retailers and home-improvement contractors to give clients financing and credit offers almost instantly. The company is one of only seven startups in the city to ever raise more than $100 million in its lifetime; GreenSky secured a total of $350 million in funding in just two rounds, according to Crunchbase.
