Loan platform operator LendingClub's shares soar in debut

Reuters News
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Posted: Dec 11, 2014 10:51 AM

(Reuters) - Shares of LendingClub Corp, the world's largest online marketplace that connects borrowers and investors, rose as much as 67 percent in their debut, valuing the company at more than $9 billion.

The initial public offering of 58 million shares raised $870 million after being priced at $15 per share, well above the expected range of $12-$14.

San Francisco-based LendingClub sold 50.3 million shares, while selling stockholders offered the rest.

LendingClub's shares opened at $24.75 on the New York Stock Exchange and touched a high of $25.44.

The company's low-cost peer-to-peer platform allows investors to lend directly to individuals and businesses, cutting out banks.

Morgan Stanley, Goldman Sachs and Citigroup were the underwriters to the IPO.

(Reporting by Neha Dimri in Bengaluru; Editing by Saumyadeb Chakrabarty)