Exeter scraps IPO

Subprime lender Exeter Finance has shelved plans for an initial public offering “due to market conditions,” according to a Nov. 22 SEC filing. Blackstone-backed Exeter had expected to raise $100 million in the IPO, according to an S-1 filed on Jan. 8. Details in the withdrawal filing were sparse. “The registrant has decided not to […]

• Marcie Belles
• November 27, 2019
• Capital Markets

Nonprime lender Oportun goes public

Oportun Financial raised $94 million in its initial public offering and sold 6.25 million shares at $15 per share, the company announced. It debuted on the Nasdaq Capital Market on Sept. 26 under the ticker “OPRT.” Barclays, JP Morgan and Jefferies acted as joint lead bookrunning managers for the offering. At press time, Oportun’s stock […]

• Bianca Chan
• October 1, 2019
• Capital Markets

Uber’s Conservative IPO Valuation Faces First Public Market Test

Uber Technologies Inc. took a conservative approach to its initial public offering Thursday, picking a share price toward the bottom of the marketed range and at a valuation below its last private funding round. On Friday, public market investors will get to decide whether that was a good idea. The No. 1 ride-hailing company’s shares […]

• Bloomberg News
• May 10, 2019
• Capital Markets, Risk Management

Why One Startup Founder Turned Down a $1.1 Billion SoftBank Deal

Startups, when they raise venture money to build their businesses, begin with a Series A round and then proceed through Series E, F or maybe G before going public. The Indian ride-hailing service Ola is a bit unusual: It just completed its Series J fundraising and is marching toward Series K, a letter almost unheard […]

• Bloomberg News
• April 9, 2019
• Capital Markets, Risk Management

Lyft Stock Starts Trading on Nasdaq

Rideshare giant Lyft began trading on the Nasdaq Global Select Market today, raising $2.3 billion in its initial public offering. Lyft sold 32.5 million shares at $72 per share. The stock is trading under the ticker "LYFT." As of 12:15 p.m. Eastern Time, the stock was trading at $84.25 per share, up 17% from the […]

• Nicole Casperson
• March 29, 2019
• Capital Markets, Innovation & Technology

Lyft’s Losses, Dependence on Autonomous Overshadow IPO Filing

Rideshare giant Lyft filed its IPO prospectus on Friday. The company’s net losses and heavy reliance on autonomous vehicles is likely the biggest concern for investors, said Brian Allan, senior director of strategic partnerships at HyreCar. Lyft's net loss climbed to $911.3 million in 2018 from $688.3 million a year earlier, according to the filing. Lyft […]

• Nicole Casperson
• March 5, 2019
• Capital Markets, Innovation & Technology

HyreCar Scouts Insurance Options Amid Profit Growth

HyreCar is leveraging its 2018 growth to either reprice or onboard a new insurance provider this year, Chief Executive Joe Furnari, told Auto Finance News. The startup's growth in earnings, operations, and geographic expansion allows more room for negotiations as its insurance renewal date approaches in early April. “We’re coming up on that renewal date,” […]

• Bianca Chan
• February 8, 2019
• Capital Markets, Earnings, Risk Management, Sales & Marketing

Exeter Finance Files for IPO, Expects to Raise $100M

Subprime lender Exeter Finance Corp. filed for an initial public offering to gain a larger marketshare in the “fragmented” auto finance industry, the company said in a Jan. 8 regulatory filing with the U.S. Securities and Exchange Commission. Blackstone-backed Exeter expects to raise $100 million in the IPO, the filing notes, though the timing of […]

• Nicole Casperson
• January 10, 2019
• Capital Markets, Credit Performance