S&C Advises Underwriters in IPO of Fintech Innovator Upstart

January 12, 2021

Upstart Holdings Inc. completed its $276.4 million initial public offering on December 18. The offering included the full exercise of the underwriters' option to purchase shares from certain selling stockholders. The shares began trading on December 16 on the Nasdaq Global Select Market.

Upstart is a leading, cloud-based artificial intelligence lending platform partnering with banks to expand access to affordable credit. Upstart's platform aggregates consumer demand for high-quality loans and connects it to its network of Upstart AI-enabled bank partners.

S&C represented the underwriters, led by Goldman Sachs & Co. LLC., BofA Securities Inc. and Citigroup Global Markets Inc.

The S&C team was led by John Savva in our Palo Alto office. William Farrar advised on matters relating to the Investment Company Act. Special counsel Tracey Russell advised on FINRA matters. Special counsel Rebecca Coccaro advised on employment and compensation matters. Special counsel Saul Brander advised on tax matters.