LendingClub, which facilitates over $3 billion of peer-to-peer loans through its Lending Club website, announced terms for its IPO on Monday. The San Francisco, CA-based company plans to raise $635 million by offering 57.7 million shares (13% insider) at a price range of $10 to $12. At the midpoint of the proposed range, LendingClub would command a fully diluted market value of $4.4 billion.
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.
