Lending Club Shares Surge in Market Debut; Shares of Online Lending Platform Close 56% Above IPO Price
Shares of Lending Club Corp surged 56% from their initial public offering price Thursday--a strong debut for the first publicly traded peer-to-peer lending company.</br></br>That first-day pop left Lending Club at a valuation more in line with high-tech firms than the banks and other financial companies it is seeking to displace.</br></br>58 million shares for $15 apiece, above the $12 to $14 a share range that was outlined in a filing with regulators.</br></br>Thursday morning, more than 100 employees, directors, investors and other guests cheered on the floor of the New York Stock Exchange as shares opened at $24.75. The stock quickly rose to a high of $25.44 and later closed at $23.43.</br></br>In the crowd, all wearing matching red jackets, were founder and Chief Executive Renaud Laplanche and Morgan Stanley's former chief executive, John Mack, who is on Lending Club's board.