Blend Labs Inc. announced this morning the launch of its initial public offering on the New York Stock Exchange. The company will be offering 20.0 million Class A stocks on the big board under the symbol “BLND”.
The offering price is expected to be between US$16.00 to US$18.00 per share for potential total aggregate proceeds of up to US$360.0 million. The financial software company also gave the underwriters a 30-day option to purchase an additional 3,000,000 common shares.
In the prospectus filed, the San Francisco-based fintech company recorded US$31.9 million in revenue and a US$27.1 million net loss for Q1 2021. The company also raised US$300.0 million in its last round of funding in January 2021, putting the company’s valuation at US$3.3 billion. The proposed public offering seeks to bring this up to US$3.95 billion.
Goldman Sachs & Co., Allen & Company, and Wells Fargo Securities are all managing the offering as lead underwriters.
Information for this briefing was found via Blend. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.