Open Lending $305.9 million secondary offering

Davis Polk advised the joint book-running managers and representatives of the underwriters in connection with the $305.9 million secondary offering of 10,925,000 shares of common stock of Open Lending Corporation by the selling stockholders, which included an upsize of 1,725,000 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 automated lending services to financial institutions. The company specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the United States. The company was founded in Austin, Texas in 2000. Open Lending became public through a merger with Nebula Acquisition Corporation in June 2020, and this offering represents its first underwritten offering as a public company.

The Davis Polk capital markets team included partner Michael Kaplan and associates Jacqueline Marino and Alexander Kraik. The tax team included partner Po Sit. The intellectual property and technology transactions team included partner Pritesh P. Shah and associate Jay Frankel. 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.