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Fintech GreenSky raises more than US$800mln in its IPO

The Atlanta-based lender is one of the most-anticipated fintech IPOs of the year

Loan
Shares of the fintech jumped in Friday afternoon trading

Fintech GreenSky Inc (NASDAQ:GSKY) made its public debut on Thursday, pricing its shares at the high-end of its range.

The online lender priced its shares at US$23 each, raising a total of US$874mln in its first day of trading. The company sold 38 million shares, surpassing its expectation of 34 million shares.

READ: Here's why GreenSky is one of the year’s most-anticipated fintech IPOs

The Atlanta-based company provides point-of-sale and payment technology through its lending platform. Working with a network of banks and contractors, the company offers quick-decision loans to consumers looking to finance home improvements and other projects.

Customers can take out loans up to US$65,000 with zero-interest promotional periods ranging from six months to 60 months.

GreenSky’s differentiates itself from other online lenders through its nearly risk-free business model. Contractors market the loans and the banks give them out while GreenSky receives a percentage from both parties.

Shares of the lender were up nearly 9% to US$25.38 in Friday afternoon trading.

Quick facts: GreenSky Inc

Price: 7.27 USD

NASDAQ:GSKY
Market: NASDAQ
Market Cap: $1.31 billion
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