Lending Platform Blend Labs Raises $360 Million in Top-Range IPO

Blend Labs Inc., a lending platform for financial companies, raised $360 million in an initial public offering price at the top of a marketed range.

San Francisco-based Blend sold 20 million Class A shares Thursday for $18 each, according to a statement. The company had marketed 20 million for $16 to $18.

Blend has a market value in the listing of almost $4 billion based on the outstanding shares listed in its filings. Accounting for employee stock options, the company diluted value is closer to $5 billion.

Blend co-founder and Chief Executive Officer Nima Ghamsari will retain control ...