GreenSky opened its doors in 2006, offering credit to business customers like Stanley Tools and The Home Depot. Six years ago the company entered the home improvement market with quick and easy loans that remodelers could offer to consumers. Now the company is going public.
The terms for GreenSky’s initial public offering, or IPO, were set in May. The company is hoping to raise nearly $785 million for its initial offering, pricing shares (of which there are over 34 million available) between $21 and $23 apiece. The majority of ownership (i.e., 189.3 million shares) was already held at the end of 2017. Accounting for those outstanding shares, experts say GreenSky could garner a value of $4.35 billion on the public market.
Going public for GreenSky, a well-established fintech firm, most likely means the company is posturing for expansion—which makes sense, as it’s seen a growth spurt in recent years. From 2016 to 2017, GreenSky’s revenue jumped by $62 million, or 23 percent, to $326 million.