High profile Wall Street names stand to make tens of millions of dollars when Lending Club lists on the New York Stock Exchange next week. The peer-to-peer lender, which uses an online platform to directly match borrowers with lenders, is seeking to raise at least $650m and is offering shares at $10 to $12 apiece, according to recently released price guidance for its much-awaited initial public offering. The company will be valued at about $4bn at the mid point of the range. The IPO marks an important moment for the nascent “p2p” or marketplace lending industry, which has grown from a handful of start-ups seeking to disrupt major banks to dozens of fully-fledged companies that can command the attention of Wall Street and its network of professional bankers and investors.
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Early Investors to Make Big Gains on Lending Club IPO
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Dec 05, 2014