Lending Club, the San Francisco-based peer-to-peer lending company, has selected the New York Stock Exchange for its debut IPO, as was first reported by the Financial Times yesterday (19 October). The company announced its plans to go public in August, filing an S-1 document with the Securities and Exchange Commission.
The peer-to-peer lender is expected to start selling shares on the exchange before the end of the year. Morgan Stanley and Goldman Sachs were selected to lead the offering. Lending Club declined to comment.
The company was started in 2007 as a way to create a more efficient and transparent way than traditional bank loans for borrowers to find financing. The company connects borrowers with a variety of credit investors. Lending Club is planning to sell at least $500 million worth of shares with a projected valuation of $5 billion, the Financial Times reported.