Friday, April 7, 2017

Elevate Credit Jumps In IPO

Fort Worth-based Elevate Credit jumped in its IPO on Thursday, after pricing well under its earlier estimated IPO range. Elevate Credit priced at $6.50 per share on Wednesday evening, and after its first trading day closed at $7.76 on Thursday, up 19 percent from its debut price. However, the company priced well below its earlier, estimated IPO pricing range of $12.00 to $14.00 per share, which it had set a couple of weeks ago, which indicates that there was some lack of interest among institutional investors for the offering. The firm is venture backed by Sequoia Capital and Technology Crossover Ventures. Elevate is now trading as ELVT on the New York Stock Exchange.