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.
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.