Texas based consumer subprime online lender has officially IPO'd this week (after a failed attempt in 2016) at a valuation of $242.5m.
After postponing its IPO last year, Elevate Credit, the venture-backed lending company, went public on the New York Stock Exchange today. Elevate priced at $6.50 per share, closing the day up over 19 percent at $7.76, but this was still well below the expected range of $12 to $14. They decided to go through with the offering to take advantage of an open “IPO window,” with a strong investor appetite for newly public tech companies. “We started this IPO process a year ago in a really terrible market and it’s great to get it done,” said CEO Ken Rees. He was so excited to ring the opening bell that he “broke the gavel.”