“PEER-to-peer lender P2P Global Investments yesterday saw its C-shares rise from 1,000p to 1,057.50p, an increase of 5.75 per cent on their first day of trading. The investment trust raised £250m in a heavily over-subscribed C-share issue, giving the rapidly expanding peer-to-peer lending sector a further boost,” reported Joseph Mills in CITYAM.
Crowdfund Insider’s JD Alois reported, “P2P Global Investments became the first ever P2P investment fund to trade shares on the LSE last summer (LSE:P2P). At the time of the listing P2P Global stated its intent to purchase loans from P2P lenders such as Zopa, Funding Circle and other participants in the fast growing peer lending industry. The additional funding should not come as any surprise to industry followers as the board of directors announced it was considering an additional funding round last November. The new funding was primed by the fact that in November “73% of the net proceeds raised at the time of the launch of the Company have been deployed. Additionally the company has further expanded both its number of platform relationships and equity interests in platforms since the end of October and expects to see an increasing number of opportunities going forward.”
“It yesterday set the indicative price range at between 195p-245p per share, giving it a market cap of between £715.5m and £865.5m. The total size of the offer is expected to deliver a free float of between 30 per cent and 60 per cent,” surmised Mills.
P2P Global Investments stated objective is to provide shareholders with an attractive level of dividend income and capital growth through investments, directly and indirectly, in consumer and SME loans and in corporate trade receivables that have been originated through online peer-to-peer (P2P) platforms in the UK, US and Europe. P2P Global has also indicated it may take direct equity stakes for themselves in peer to peer platforms.
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