Upstart Announces Pricing of Initial Public Offering

Rhea-AI Summary

Upstart Holdings announced the pricing of its initial public offering (IPO) at $20.00 per share, offering 9,000,000 shares, while selling stockholders are offering 3,015,690 shares. The IPO is expected to begin trading on Nasdaq under symbol 'UPST' on December 16, 2020, with the offering closing on December 18, 2020, pending customary conditions. Additionally, underwriters have a 30-day option to purchase up to 1,802,353 more shares at the IPO price. The offering's registration statement was effective as of December 15, 2020.

Positive

• Initial public offering priced at $20.00 per share.
• Total of 9,000,000 shares offered, potentially expanding capital.
• Trading expected on Nasdaq under symbol 'UPST', increasing visibility.
• Underwriters' option to purchase additional shares could enhance liquidity.

Negative

• Offering includes significant number of shares from selling stockholders, which may dilute existing shareholder value.

Upstart Holdings, Inc. (“Upstart”) announced today the pricing of its initial public offering of its common stock at a price to the public of $20.00 per share. Upstart is offering 9,000,000 shares of its common stock and selling stockholders are offering 3,015,690 shares of its common stock. The shares are expected to begin trading on the Nasdaq Global Select Market on December 16, 2020 under the symbol “UPST.” The offering is expected to close on December 18, 2020, subject to customary closing conditions.

In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase up to 1,802,353 additional shares of common stock at the initial public offering price less underwriting discounts.

Goldman Sachs & Co. LLC, BofA Securities and Citigroup are acting as lead book-running managers for this offering. Jefferies and Barclays are also acting as book-running managers. JMP Securities and Blaylock Van, LLC are acting as co-managers for this offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on December 15, 2020. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com; BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, by telephone at (800) 299-1322 or by e-mail at dg.prospectus_requests@bofa.com, or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

About Upstart

Upstart is a leading AI lending platform partnering with banks to expand access to affordable credit.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201215006204/en/

FAQ

What is the initial public offering price for Upstart Holdings?

The initial public offering price for Upstart Holdings is $20.00 per share.

How many shares is Upstart Holdings offering in its IPO?

Upstart Holdings is offering 9,000,000 shares, with additional shares from selling stockholders.

When will Upstart Holdings begin trading on Nasdaq?

Upstart Holdings is expected to begin trading on Nasdaq on December 16, 2020.

What is the symbol for Upstart's stock on Nasdaq?

The symbol for Upstart's stock on Nasdaq is 'UPST.'

What is the closing date for the Upstart IPO?

The offering is expected to close on December 18, 2020, subject to customary closing conditions.