Open Lending’s $351.9 Million Secondary Offering

Davis Polk advised the joint book-running managers and representatives of the underwriters in the offering.

The $351.9 million secondary offering of 10,350,000 shares of common stock of Open Lending Corporation were issued by the selling stockholders, and 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.”

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Jefferies LLC, Raymond James & Associates, Inc., William Blair & Company, L.L.C., Stephens Inc., Canaccord Genuity LLC, D. A. Davidson & Co., JMP Securities LLC, Needham & Company, LLC, and Northland Securities, Inc. acted as underwriters for this offering.

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 (Picture) 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.

Involved fees earner: Marcie Goldstein – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Alexander Kraik – Davis Polk & Wardwell; S. Dream Montgomery – Davis Polk & Wardwell; John Runne – Davis Polk & Wardwell; Tyler Senackerib – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Dylan Steiner – Davis Polk & Wardwell; Margaret Tahyar – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Canaccord Genuity; D.A. Davidson & Co.; Deutsche Bank Securities; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Jefferies; JMP Securities LLC; Morgan Stanley; Needham & Company; Northland Securities, Inc.; Raymond James & Associates, Inc.; Stephens Inc.; William Blair & Company, L.L.C.;

Author: Martina Bellini