Lendbuzz has hired investment banks to assist it in putting on an initial public offering (IPO) of its shares that could value the auto loans provider at more than $2 billion, according to a report from Reuters.
Sources with knowledge of the matter told Reuters that the company hopes to raise between $300 million and $400 million from the offering.
Lendbuzz could IPO as early as the first half of 2024 but the sources cautioned that the company’s plans were subject to market conditions and could change.
It has reportedly hired Goldman Sachs (NYSE:GS), JPMorgan Chase, RBC Capital Markets and Mizuho Financial Group to act as lead underwriters for the IPO.
Boston-based Lendbuzz was founded in 2015. It is an artificial intelligence (AI)-powered auto finance platform that enables consumers to gain access to funds to purchase a vehicle.
The company was last valued at approximately $1.1 billion during its last financing round earlier in 2023.
It said in October that its last 10 quarters have been profitable, with revenue up 80% in the first half of 2023 over the same period in 2022 exceeding $200 million of annual revenue run rate.