Elevate Credit (ELVT) Files $100M Common Stock IPO

Elevate Credit, Inc. (NYSE: ELVT) filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million. The company plans to list on the NYSE under the symbol "ELVT."

Underwriters on the offering are UBS Investment Bank, Jefferies, Stifel, William Blair, and BB&T Capital Markets.

Financial commentary: "Our revenues for the year ended December 31, 2014 grew 280% to $274 million from $72 million for the year ended December 31, 2013 and revenues for the nine months ended September 30, 2015 grew 67% compared to the nine months ended September 30, 2014. Our operating losses for the years ended December 31, 2014 and 2013 were $61 million and $52 million, respectively and were $4 million and $51 million for the nine months ended September 30, 2015 and 2014, respectively."

Elevate Credit provides technology-driven, progressive online credit solutions to non-prime consumers, typically defined as those with credit scores of less than 700.

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