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On Deck Capital (ONDK) IPO Prices at $20, Above Expected Range

December 17, 2014 9:05 AM EST

On Deck Capital, Inc. (NYSE: ONDK) announced that it has priced its initial public offering of 10,000,000 shares of its common stock at a price to the public of $20 per share, above the expected $16-$18 range. The shares are expected to begin trading on The New York Stock Exchange this morning under the ticker symbol "ONDK."

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.

Morgan Stanley & Co. LLC and BofA Merrill Lynch are acting as joint lead book-running managers and as representatives of the underwriters for the offering. J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Jefferies LLC are acting as book-running managers for the offering. Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated and Needham & Company, LLC are acting as co-managers for the offering.

On Deck Capital is a leading online platform for small business lending. They are seeking to transform small business lending by making it efficient and convenient for small businesses to access capital. Enabled by its proprietary technology and analytics, they aggregate and analyze thousands of data points from dynamic, disparate data sources to assess the creditworthiness of small businesses rapidly and accurately. Small businesses can apply for a term loan or line of credit on the company's website in minutes and, using its proprietary OnDeck Score, they can make a funding decision immediately and transfer funds as fast as the same day. They have originated more than $1.7 billion in loans and collected more than 4.4 million customer payments since they made their first loan in 2007. Loan originations have increased at a compound annual growth rate of 127% from 2011 to 2013 and had a year-over-year growth rate of 171% for the nine months ended September 30, 2014.



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