advertisement
advertisement

Online lender GreenSky files confidentially for an IPO

Online lender GreenSky files confidentially for an IPO
[Photo: energepic.com/Pexels]

The Dropbox effect is real.

Less than two weeks after the file-storage company’s promising public markets debut–the stock jumped 36% on opening day–two fellow unicorns have signaled their IPO intentions. This morning, ed-tech startup Pluralsight filed confidentially to go public. And now, fintech startup GreenSky has reportedly followed suit, according to the Wall Street Journal.

GreenSky, based in Atlanta, helps homeowners obtain financing for renovation projects. Through a network of bank partners, the company provides customers with access to loans of up to $55,000. Last year, a $200 million investment round valued the company at $4.5 billion.

The IPO market had cooled in recent months, following the lackluster performance of Blue Apron and Snap. But Dropbox’s strong showing suggests that there is investor demand for companies with solid fundamentals.

In filing confidentially, Pluralsight and GreenSky also give themselves leeway with regard to timing and messaging. They will have a chance to hone their pitches in private, and can withdraw from the process or delay their plans if the IPO market goes south.