The highly anticipated Lending Club (LC:NYSE) IPO rocketed out of the gate today at over $24 /shares. The valuation for a company that has processed over $6 billion in loans but has barely made a profit brought excitement back to the big board today as investors fortunate enough to buy shares at a price of $15 / shares were quickly rewarded. As of this writing LC has traded well over $25 / shared giving the company a valuation of over $8 billion. It will be interesting to see how it closes on day one as investors, both retail and institutional, embraced the disruptive peer to peer lending company. Next up will be the discussion of how much money the company left on the table.
See the video embedded below by CNBC as it watched the market open.