Everyone in the alternative finance space is watching to see the outcome of the Lending Club IPO, which is a major jump in the legitimisation of the peer-to-peer lending industry.
Lending Club announced that it was increasing the size of its IPO to $650 million. The company upped the amount it was aiming to raise from $500 million.
The IPO is expected to take place next week, and Lending Club has announced its price guidance. It plans to price the stock at $10 to $12 a share. The float is seeking to raise up to $692.4 million by offering 57.7 million shares. This results in the maximum valuation the company could achieve being $4.33 billion. This falls short of recent speculation that its valuation could soar as high as $6 billion.