Peer to peer lending investor Victory Park Capital has filed a prospectus to list shares on the main exchange of the London Stock Exchange (LSE). Victory Park has been aggressively investing in P2P assets having recently committed a solid $420 million to Funding Circle in both the UK and United States. VPC Specialty Lending Investments PLC has published a prospectus in relation to the placing and offer for subscription. The company is targeting to raise £200 million of gross proceeds with the IPO. The proceeds with be invested in “opportunities within the specialty lending market primarily through online lending platforms”. Jefferies International Limited is acting as sole broker, sponsor and bookrunner in relation to the Issue.
“With its significant sourcing network, Victory Park Capital Advisors has identified a strong pipeline of investment opportunities in which the company may invest,” said Brendan Carroll, co-founder of Victory Park Capital.
The issue is aiming for a March 17th debut on the LSE.
The Directors have reserved the right, in conjunction with Jefferies, to increase the size of the Issue to a maximum of 250 million Ordinary Shares if overall demand exceeds 200 million Ordinary Shares, with any such increase being announced through a Regulatory Information Service.
VPC will not be the first publicly traded type fund. P2P Global has offered shares on the LSE as of last year.
The peer to peer industry has quickly ramped up by undercutting banks with lower rates for borrowers and better returns for investors. The industry in the United States has topped $7 billion. Last year in the UK approximately £1 billion was lent via p2p lending platforms.
|Latest time and date for commitments under the Offer||11.00 a.m. on Thursday 12 March|
|Latest time and date for commitments under the Placing||3.00 p.m. on Thursday 12 March|
|Publication of results of the Issue||Friday 13 March|
|Admission and dealings in Ordinary Shares commence||Tuesday 17 March|
|CREST accounts credited with uncertificated Ordinary Shares||Tuesday 17 March|
|Where applicable, definitive share certificates despatched by post||Week commencing 23 March|
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