Upstart Holdings Inc. /zigman2/quotes/223096209/composite UPST +0.87% has set terms for its initial public offering, as the California-based cloud-based artificial intelligence lending platform looks to raise up to $198 million. The company is offering 9.0 million shares in the IPO, and selling shareholders are offering 3.02 million shares. The IPO is expected to price between $20 and $22 a share. With 72.46 million shares expected to be outstanding after the IPO, the company could be valued at up to $1.59 billion. The stock is expected to list on the Nasdaq under the ticker symbol "UPST." Goldman Sachs, BofA Securities and Citigroup are the lead underwriters. For the nine months ended Sept. 30, the company recorded net income of $4.96 million on revenue of $146.71 million, after a loss of $6.52 million on revenue of $101.62 million in the same-period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.17% has surged 36.1% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.69% has gained 7.0%.
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