Online lender On Deck Capital's IPO priced at $20.00 per share

Reuters News
Posted: Dec 16, 2014 11:30 PM

(Reuters) - On Deck Capital Inc, an online small-business lender, said its initial public offering was priced at $20 per share, above the expected range of $16-$18.

The IPO of 10 million shares raised $200 million and all of the shares are being offered by On Deck Capital.

At the offer price, the company's market value is about $1.32 billion.

The shares are expected to begin trading on Wednesday on the New York Stock Exchange under the symbol "ONDK".

The New York-based company, which offers loans of up to $250,000, counts First Round Capital, Google Ventures, Institutional Venture Partners, Tiger Global Private Investment Partner and SAP Ventures among its stockholders.

Morgan Stanley, Merrill Lynch, JP Morgan Securities and Deutsche Bank Securities were among underwriters to the IPO.

On Deck offers loans to small businesses like hair salons and doctor's offices, particularly in California, Florida and New Jersey.

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The company's interest income more than doubled to about $63 million for 2013. Net loss attributable to common stockholders widened to $37.1 million from $20.2 million.

(Reporting by Luke Koshi and Neha Dimri in Bengaluru; Editing by Gopakumar Warrier)