Lending Club Files for IPO

lendingclubLending Club, one of the world’s largest online marketplace connecting borrowers and investors, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

The number of shares to be sold and the price range for the offering have not been determined.

Morgan Stanley & Co. LLC and Goldman, Sachs& Co. will act as joint lead book-running managers and as representatives of the underwriters. Citigroup Global Markets Inc. is acting as book-running manager, Allen & Company LLC as lead manager, Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp., William Blair & Company, L.L.C., and Wells Fargo Securities, LLC as co-managers.

Founded in San Francisco by Renaud Laplanche in 2007, Lending Club operates a marketplace – alternative to the traditional banking system – that offers creditworthy borrowers lower interest rates and investors better returns. As of March 31, 2014, over $4 billion in personal loans have been issued through the platform.
In April 2014, the company had acquired Springstone Financial, a provider of financing options for consumers looking to finance private education and elective medical procedures, for $140m in cash and stock (read here). To fund the purchase, Lending Club had closed a $65m equity round and raised $50m in debt financing.

Press Release

Lending Club Files S-1 Registration Statement for Initial Public Offering
SAN FRANCISCO – August 27, 2014 – Lending Club (https://www.lendingclub.com), the world’s largest online marketplace connecting borrowers and investors, today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be sold and the price range for the proposed offering have not yet been determined.

Morgan Stanley & Co. LLC and Goldman, Sachs& Co. will act as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Citigroup Global Markets Inc. is also acting as book-running manager for the proposed offering. Allen & Company LLC is acting as lead manager, with Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp., William Blair & Company, L.L.C., and Wells Fargo Securities, LLC acting as co-managers for the proposed offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; from Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, or email: [email protected]; or Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling (800) 831-9146 or by emailing a request to [email protected]

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Press Contact:
Grayling PR
415-593-1400
[email protected]

Investor Contact:
James Samford
[email protected]

FinSMEs

28/08/2014

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