DUBLIN, Calif. – E-LOAN Inc., an online mortgage provider, went public June 28, offering 3.5 million shares at $14 apiece. The company’s stock priced at the high end of its $12 to $14 filing range.
Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette, Hambrecht & Quist, DLJdirect Inc. and E*Trade Securities Inc. underwrote the initial public offering, which left 38.3 million shares outstanding.
Venture Backers include Benchmark Capital Partners II, Technology Partners Fund V and VI, Softbank Technology Venture IV and Yahoo! Inc. Community Foundation Silicon Valley sold 5,000 shares in the offering.
E-LOAN allows consumers to obtain a wide variety of affordable mortgages from a numerous selection of lenders. Borrowers can browse 50,000 products from 70 different lending sources to find the most suitable matches.
The net proceeds from the IPO and concurrent private placement of 960,061 shares will total about $56 million and will be used for general corporate purposes.
The company lost $11.2 million in 1998 and $1.4 million in 1997.
Ira Ehrenpreis, a general partner of Technology Partners, and Robert Kagle, a general partner of Benchmark Capital, joined the company’s board of directors in January 1998, followed by Tim Koogle, chief executive of Yahoo!, in September 1998.
E-LOAN – Selected Financial
(in thousands, except per share data)
Year Ended December 31,
Revenue 1,043 6,832
Net loss -1,374 -11,172
Net loss per share -0.12 -0.98