UPDATE 1 – Mortgage-focused software startup Blend wants to IPO $ 4 billion in the US


(Adds underwriters, other details from the filing)

July 6 (Reuters) – Mortgage software platform Blend Labs Inc said Tuesday that it is aiming to estimate the value of its initial public offering in the US at nearly $ 4 billion as it seeks to raise up to $ 360 million.

The company, which privately applied for a listing in April, was last valued at $ 3.3 billion after a funding round in January this year.

Blend’s cloud-based software platform digitizes banking, making it more convenient for customers from the moment they apply for a loan or escrow account to the moment they digitally sign the final documents.

The company was co-founded in 2012 by Nimoy Gamsari, a former employee of the analytical giant Palantir Technologies Inc., which now heads Blend. Timothy Mayopoulos, former CEO of Fannie Mae, is the president of the startup.

Blend plans to sell 20 million shares at prices ranging from $ 16 to $ 18 each, the amended statement said.

Goldman Sachs & Co, Allen & Company and Wells Fargo Securities are the leading underwriters of the IPO. Blend will be listed on the New York Stock Exchange under the symbol BLND. (Reporting by Niket Nishant in Bangalore; editing by Vinaya Dwivedi)

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