LendingClub To Price IPO At $10 To $12 Per Share

LendingClub said Monday it is planning to offer 50 million shares in its initial public offering, while selling stockholders will offer another 7.7 million shares. In a regulatory filing, the San Francisco-based peer-to-peer lending platform said it expects the deal to price at $10 to $12 per share to raise $512.3 million at the midpoint of that range. The company will use the proceeds for general corporate purposes, including working capital, capex and operating expenses. Morgan Stanley, Goldman Sachs, Credit Suisse and Citigroup are lead underwriters on the deal. The company is planning to list its share on the New York Stock Exchange under the symbol "LC". LendingClub facilitated $6.2 billion of loans in 2014, up from $3.2 billion in 2013, according to the filing.