8 Bn loans issues...this is is still very small!
Last week marked the first ever-initial public offering for an online lending platform when LendingClub raised nearly $870 million in its IPO. LendingClub was priced at $15 per share but opened the day on the NYSE well above that at $24.75 per share before closing the day at $23.43 thus implying a company valuation of $8.9 Billion. This valuation exceeds the valuation of some of the largest banks in the country including Comerica CMA -0.73%, City National CYN -1.44% and CIT Group CIT +1.06% and marks the 18th largest IPO of the year. And just days later, OnDeck, the leading online lending platform for small businesses, debut its own IPO raising $200 Million at a valuation of $1.3 Billion. LendingClub’s IPO appeared to have rubbed off as OnDeck ’s share price soared by as much as 40% on opening day.