Blend Announces Launch of Initial Public Offering

Rhea-AI Summary

Blend Labs has initiated the roadshow for its initial public offering (IPO) of 20,000,000 shares of Class A common stock, priced between $16.00 and $18.00 per share. Additionally, underwriters have a 30-day option to purchase up to 3,000,000 more shares. The shares will be listed on the New York Stock Exchange under the ticker BLND. Goldman Sachs, Allen & Company, and Wells Fargo are leading the offering. A registration statement has been filed with the SEC, but it has yet to become effective.

Positive

• Offering size of 20,000,000 shares indicates strong demand potential.
• Initial offering price range of $16.00 to $18.00 suggests a healthy valuation.

Negative

• Dilution risks associated with the additional 3,000,000 shares that underwriters can purchase.
• Pending registration with the SEC means shares cannot be sold until effective.

SAN FRANCISCO, July 6, 2021 /PRNewswire/ -- Blend Labs, Inc. today announced that it has launched the roadshow for the initial public offering of its Class A common stock. Blend is offering 20,000,000 shares of its Class A common stock. The initial public offering price is expected to be between $16.00 and $18.00 per share. The underwriters of the offering will also have a 30-day option to purchase from Blend up to an additional 3,000,000 shares of its Class A common stock. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "BLND".

Goldman Sachs & Co. LLC, Allen & Company LLC and Wells Fargo Securities, LLC are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, Truist Securities and UBS Investment Bank are acting as book-running managers for the proposed offering, and Piper Sandler, William Blair, Canaccord Genuity, Drexel Hamilton, Loop Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the proposed offering. The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed offering may be obtained by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; Allen & Company LLC, Attn: Prospectus Department, 711 Fifth Avenue, New York, NY 10022, by telephone at (212) 339-2220, or by email at allenprospectus@allenco.com; or Well Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York 10001, toll-free at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Media Contact: press@blend.com

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SOURCE Blend

FAQ

What is the expected price range for Blend Labs' IPO under the ticker BLND?

The expected price range is between $16.00 and $18.00 per share.

How many shares is Blend offering in its initial public offering?

Blend is offering 20,000,000 shares of its Class A common stock.

Who are the lead underwriters for Blend Labs' IPO?

Goldman Sachs, Allen & Company, and Wells Fargo Securities are acting as lead book-running managers.

When will shares of Blend Labs trade on the stock exchange?

The shares are expected to trade on the New York Stock Exchange under the ticker BLND once the registration becomes effective.

What additional shares can underwriters purchase during Blend's IPO?

Underwriters have a 30-day option to purchase up to an additional 3,000,000 shares.