On Deck Capital, Inc., a leading online platform for small business lending, priced its initial public offering at $20 per share on December 16, 2014, valuing the company at $1.3 billion - the largest venture-backed tech company IPO in New York based on market cap at pricing. The closing of the offering is expected to occur on December 22, 2014, subject to customary closing conditions.
All of the shares are being offered by OnDeck. In addition, OnDeck has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares to cover over-allotments, if any.
An Orrick team consisting of capital markets partners Christopher Austin and Andy Thorpe, capital markets of counsel Stephen Ashley, M&A and private equity associate Susannah Nagle, corporate associates Eliza Golden and Spencer Cohen, tax partner Peter Connors, structured finance of counsel Dianne Stoddard and compensation & benefits associate Michael Yang are advising the underwriters.
Morgan Stanley, Bank of America Merrill Lynch, J.P. Morgan, Deutsche Bank Securities, Jefferies, Raymond James, Stifel and Needham & Co. are acting as underwriters for the IPO.