Renaud Laplanche, a former senior associate at Cleary Gottlieb Steen & Hamilton turned founder and CEO of The Lending Club, stands to see his stake in the leading peer-to-peer lender be worth some $160 million after an initial public offering next week on the New York Stock Exchange.
The Lending Club, which acts as a sort of middleman by linking up borrowers seeking small loans with investors, first disclosed in a securities filing in late August its intention to pursue an IPO. Earlier this week, an amended prospectus filed by the San Francisco-based company shows it could raise up to $692.4 million in that float.
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