Lending Club Prices IPO Above Range

(RTTNews) - Lending Club (LC) the world's largest online marketplace connecting borrowers and investors, on Wednesday priced its initial public offering of 58 million common shares at $15 per share, above its expected price range of $12 to $14 per share.

The company will be raising about $870 million from the IPO, valuing the company at about $5.4 billion.

Of the shares in the offering, 50.3 million shares are being offered by Lending Club and 7.7 million shares are being offered by selling stockholders. Lending Club will not receive any proceeds from the sale of shares by the selling stockholders.

The shares are expected to begin trading on the New York Stock Exchange on December 11, 2014 under the symbol "LC."

In addition, the underwriters have a 30-day option to purchase up to 8.7 million additional shares of common stock at the initial public offering price to cover over-allotments, if any.

Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are joint lead book-running managers for the offering. Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are also acting as joint book-running managers for the offering.