Lending Club Says IPO Tops $1 Bln Upon Exercise Of Over-Allotment Option

(RTTNews) - Lending Club (LC), the world's largest online marketplace connecting borrowers and investors, on Tuesday announced the closing of its initial public offering and the exercise in full of the underwriters' option to purchase an additional 8.7 million shares from Lending Club.

After the underwriters' exercise of the option to purchase additional shares, a total of 66.7 million shares were sold at the price to the public of $15 for a total of just over $1 billion in aggregate gross proceeds, which included the sale of 59 million shares by Lending Club and 7.7 million shares by selling stockholders.

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