Pimco-Backed Online Loan Platform GreenSky Files for U.S. IPOBy
The Atlanta-based company listed its initial offering size as $100 million, a placeholder amount that is likely to change. TPG and Pimco, the Newport Beach, California-based investment manager, each hold at least 5 percent of the company, according to a filing Friday with the U.S. Securities and Exchange Commission.
GreenSky made its name as a lender to help people pay for home improvement projects and expanded into helping fund elective health-care procedures, according to the filing. The company connects customers, merchants and banks through its platform, collecting a service fee from lenders and a fee every time a seller of goods or services receives a payment.
The company had $326 million in revenue last year, up from $264 million in 2016. About 85 percent of its revenue comes from transaction fees. GreenSky’s net income was $139 million in 2017, compared with $124 million the previous year.