Lending platform Upstart’s shares jump in Nasdaq debut

(Reuters) – Shares of Upstart Holdings Inc jumped 30% in market debut on Wednesday, giving the cloud-based artificial intelligence (AI) lending platform a market capitalization of $1.88 billion.

Upstart’s shares opened at $26 on the Nasdaq, above their initial public offering (IPO) price of $20 apiece. The firm raised $240.4 million in its IPO on Wednesday.

Reporting by Sohini Podder in Bengaluru; Editing by Vinay Dwivedi