US peer-to-peer lending firm seeks to raise US$692m in IPO

New York

LENDING Club shot to prominence nearly eight years ago by helping borrowers and lenders avoid big banks by finding each other directly through the Internet. Now, the lending platform is hoping that Wall Street will flock to buy into its forthcoming initial public offering.

The company disclosed in an amended prospectus on Monday that it planned to price its stock sale at US$10 to US$12 a share, potentially raising up to US$692.4 million.