LendingClub (LC) IPO Tops $1B Following Over-Allotments

LendingClub (NYSE: LC) announced the closing of its initial public offering and the exercise in full of the underwriters' option to purchase an additional 8,700,000 shares from Lending Club. After the underwriters' exercise of the option to purchase additional shares, a total of 66,700,000 shares were sold at the price to the public of $15 for a total of just over $1.0 billion in aggregate gross proceeds, which included the sale of 59,000,000 shares by Lending Club and 7,700,000 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. Allen & Company LLC acted as lead manager, and Stifel, Nicolaus & Company, Incorporated, BMO Capital Markets Corp., William Blair & Company, L.L.C., and Wells Fargo Securities, LLC acted as co-managers for the offering.

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