US-based online credit marketplace Lending Club upped the target for its initial public offering on Monday, and will now seek to raise up to $929m when it floats.
Lending Club intends to issue more than 66.3 million shares priced between $12 and $14 each, which would raise up to $806m, up from the $10-12 range it set last week when it planned to initially issue 57.6 million shares.
The $929m figure could be reached if the underwriters take up the 30-day option to acquire another 8.66 million shares once Lending Club has gone public.
The company’s largest shareholder is Norwest Venture Partners, the venture capital firm that has bank Wells Fargo as its lone backer. It holds a 16.4% stake that will be diluted to 14% in the offering.
Other notable shareholders include Canaan Partners, Foundation Capital and Morgenthaler Venture Partners.
Past investors include Google Capital, the growth equity subsidiary of internet company Google, Kleiner Perkins Caufield & Byers, Union Square Ventures, DST Global, Coatue Management, T. Rowe Price, Wellington Management Company, BlackRock, Sands Capital and Thomvest Ventures.