Lending is trending: LendingClub increases proposed IPO range; could raise over $800 million

LendingClub, the largest online marketplace for personal and small business loans, raised the proposed range for its upcoming IPO on Monday. The San Francisco, CA-based company now plans to raise $808 million at the high end of the revised $12 to $14 range. It still plans to offer 57.7 million shares (13% insider). The company had previously filed at a range of $10 to $12. At the high point of the revised range, LendingClub's deal size and market cap increased by about 27% ($5.7 billion market cap at the high point).

This could be a positive sign for On Deck Capital (ONDK), which is expected to raise $150 million next week.

LendingClub, which was founded in 2007 and booked $177 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol LC. Morgan Stanley, Goldman Sachs, Credit Suisse and Citi are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.