LendingClub Corp. is getting a larger-than-expected cash infusion from an initial public offering after pricing an increased number of shares above the marketed range.
The company, which arranges loans to individuals and small businesses over the Internet using funds from investors who can commit as little as $25, raised $870 million in the IPO. San Francisco-based LendingClub and some of its venture capital backers sold 58 million shares for $15 each, according to a statement Wednesday, after offering 57.7 million for $12 to $14. The company raised the range this week from $10 to $12.
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