Davis Polk advised the joint book-running managers and representatives of the underwriters in connection with the $351.9 million secondary offering of 10,350,000 shares of common stock of Open Lending Corporation by the selling stockholders, which included an upsize of 1,350,000 shares of common stock at the time of pricing and reflects the full exercise of the underwriters’ over-allotment option. The common stock is listed on the Nasdaq Global Market under the symbol “LPRO.”
Open Lending provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years Open Lending has been empowering financial institutions to create profitable auto loan portfolios.
The Davis Polk capital markets team included partner Michael Kaplan and associates John H. Runne and Alexander Kraik. The tax team included partner Po Sit and associate Dylan J. Steiner. The intellectual property and technology transactions team included partner Pritesh P. Shah and associate S. Dream Montgomery. The financial institutions team included partner Margaret E. Tahyar and associate Tyler X. Senackerib. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.