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Blend aims to sell 20 million shares priced
between $16 and $18 each to raise up to $360 million, it said in
an amended filing on Tuesday.
The company, which had filed confidentially for its listing in
April, was last valued at $3.3 billion after a funding round in
January.
Blend's cloud-based software platform digitizes banking, making
it more convenient for customers to borrow money or deposit
cash.
On average, more than $5 billion in transactions are processed
via the San Francisco-based company's platform every day. It had
291 customers including Wells Fargo & Co and Lennar Mortgage, as
of last year.
The filing follows the busiest week of the year for U.S. IPOs,
which saw more than a dozen companies enter the stock markets.
China's ride-hailing giant Didi Global Inc debuted last week,
while online brokerage Robinhood Markets Inc disclosed its IPO
filing.
Low-interest rates brought on due to the pandemic last year have
led to a rise in demand for mortgage insurance. Higher interest
rates could hurt demand for Blend's platform, it said in the
filing.
Blend was co-founded in 2012 by Nima Ghamsari, its current head
and a former employee of analytics giant Palantir Technologies
Inc. Ghamsari will have 68% of the voting power after the
offering, the company said.
Timothy Mayopoulos, a former chief executive officer at mortgage
finance company Fannie Mae, is the president of the startup.
Goldman Sachs & Co, Allen & Company and Wells Fargo Securities
are the IPO's lead underwriters. Blend will list on the New York
Stock Exchange under the symbol "BLND."
(Reporting by Niket Nishant in Bengaluru; Editing by Vinay
Dwivedi)
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