OnDeck, an online platform for small business lending, has announced that it has filed an S-1 registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. OnDeck has applied to list its common stock on the New York Stock Exchange under the symbol “ONDK.” The S-1 statement (embedded below) indicates a targeted raise of $150 million. The final amount could of course change.
The company raised $77 million earlier this year in a funding round led by Tiger Global. Additional investors included Google Ventures, Peter Thiel and other well known names.
OnDeck was originally launched in 2007. Since that time the platform states it has facilitated over $1.5 billion in loans for almost 700 different industries in all 50 states, including restaurants, retailers, auto repair shops, healthcare professionals, HVAC contractors and many other service providers.
OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. OnDeck recently sold $175 million in bonds backed by loans originated through its platform thus securitizing the individual loans.
Morgan Stanley & Co. and BofA Merrill Lynch will act as joint lead book-running managers and as representatives of the underwriters for the proposed offering. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Jefferies LLC are acting as book-running managers for the proposed offering. Raymond James & Associates, Inc., Stifel, Nicolaus & Company and Needham & Company are acting as co-managers for the proposed offering.
Lending Club, a leader in the peer to peer lending space was the first transformational lending platform to file for an IPO this past August. Lending Club is expected to list shares on the NYSE later this year.
(Editors Note: The article was updated with the S-1 information as embedded below)
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