At the midpoint of the range, the Atlanta based fintech firm that lends to merchant would raise about $701.4m and be valued at approximately $4.4bn. In the quarter that ended March 31, the company brought in $85.3m in revenue and a profit of $18.6m. GreenSky will have a dual-class structure that gives the founders and some investors 10 votes a share, compared with one vote a share for investors buying shares in the public markets.
GreenSky Chief Executive David Zalik, who co-founded the company, would have about 49% voting control after the offering, or 48% if underwriters’ options are exercised. Asset managers Pacific Investment Management Co. and TPG would remain large shareholders in GreenSky after the offering, the filing said. Despite the large amount of financing that private investors have poured into lending startups, IPOs have been rare in recent years due in part to concerns around rising defaults among their borrowers and increased competition.