GreenSky Prices Bolstered IPO At $23 Per Share, Opens Down In Trading Debut

Today, GreenSky, a technology-powered financing company, priced its IPO at $23 per share, the upper end of its proposed range. In trading today, the company opened down, trading as low as $22.10 per share before recovering. As of the time of writing, GreenSky is worth $23.13 per share, up about half a point from its IPO price.

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The company also sold more shares in its IPO than it had originally intended. According to one of its recent SEC filings, the firm intended to sell 39.2 million shares in its debut, inclusive of a 5.1 million share greenshoe option. Per the company’s pricing press release, GreenSky ended up selling 38 million IPO shares not inclusive of a larger 5.7 million share greenshoe option.

So the company not only priced high but sold more total units of equity than it had originally anticipated. That’s doubly positive.

At $23 per share, the firm’s 38 million equity units generated $874 million of investment for the company. If the full greenshoe option is exercised, that sum will rise to just over $1 billion.

The company’s IPO comes on the heels of a number of successful technology offerings, including Dropbox’s well-publicized flotation, Spotify’s odd but buoyant direct listing, Zuora’s workable debut, Zscaler’s win, and so forth. 2018 has been more active for technology listings than preceding years, though a partial return to form regarding IPO cadence doesn’t make up for the preceding drought. That’s a lesson that California has learned twice, once with literal liquidity and again with equity illiquidity.

For more on GreenSky’s business and operating fundamentals, head here. For a look at its pricing, head here.

GreenSky is not the only company looking to go public at the moment. Adyen, a Dutch payments company, is also on the path to IPO. However, as that IPO should land on a non-domestic exchange, it will likely generate relatively modest coverage in the United States, even though the offering would bring yet another unicorn from private stock to public display.

We’ll update this post when trading ends, and we have a good first look at where GreenSky’s stock closes.

iStockPhoto / VOLHA RAMANCHUK