Blend Labs to list actions next week

0

Text size

Blend’s digital lending platform is used by major banks and financial institutions to provide mortgage and consumer loans.

The time of dreams

Blend Labs, the mortgage technology provider backed by Tiger Global Management, is expected to go public next week.

Blend set the terms of its initial public offering on Tuesday. The company is offering 20 million shares at $ 16 to $ 18 each, a flyer says. It will be listed on the New York Stock Exchange under the symbol BLND.

At $ 18 per share, Blend’s market cap could reach nearly $ 4 billion. This compares to the $ 3.3 billion valuation Blend received with his $ 300 million round in January led by investment firms Coatue Management and Tiger Global.

Blend is expected to price its IPO on July 15 and trade the next day, a person familiar with the matter said.

Goldman Sachs,

Allen & Co and Wells Fargo Securities are the main underwriters in the transaction.

Last week, 19 companies listed their shares on the US stock exchanges, making it one of the busiest weeks in IPO history. The IPO market is currently taking a hiatus with new issuance expected to resume next week.

Founded in 2012, Blend provides a digital lending platform used by leading banks and financial institutions, such as Wells Fargo (ticker: WFC), Truist (TFC), US Bank, and PennyMac, to provide mortgages and home equity. consumption. The company’s software platform helped its 291 clients process nearly $ 1.4 trillion in loan applications last year, according to the prospectus.

Nima Ghamsari, Blend boss and co-founder, will retain 77.2% of the voting rights after the IPO, the flyer says.

Coatue Management and Tiger Global, both active technology investors, will each own approximately 1.5% of Blend after the offer; General Atlantic, an investor in growth stocks, will hold 1.4%, according to the prospectus.

Write to Luisa Beltran at [email protected]


Source link

Share.

Leave A Reply