Wednesday, December 17, 2014

Lending Club: More Than $1B Raised In IPO

San Francisco-based Lending Club said Tuesday that its IPO topped more than $1 billion raised, after the exercise of an over-allotment option by its underwriters. Lending Club said it sold a total of 66,700,000 shares of its stock at $15.00 per share, resulting in a total of over $1.0 billion in agregate gross proceeds. Lending Club operates an online, peer-to-peer marketplace for borrowers and investors. The company was venture backed by Norwest Venture Partners, Canaan Partners, Foundation Capital, and Morgenthaler Venture Partners.