Peer-to-peer lender Funding Circle gears up for £1.5bn valuation in London listing
British peer-to-peer lender Funding Circle has valued its debut initial public offering (IPO) at £1.5bn, despite initially having aimed to raise as much as £1.8bn.
The firm, backed by Danish billionaire Anders Holch Povlsen, tested investor appetite in the run-up to next week’s debut, selling off shares at 440p on London’s main market.
Read more: Funding Circle could be valued at £1.8bn after IPO
Funding Circle raised around £300m on the London Stock Exchange.
The news comes several days after Funding Circle cut the top of its IPO price range to 460p a share, marking a drop from its original maximum of 530p a share, and lifted the bottom of the guidance range from 420p to 440p.
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Funding Circle made it into the City history books earlier this month when it unveiled plans to become the first financial technology firm to go public.
The company’s flotation has been seen as a coup for the London Stock Exchange, which has ramped up efforts to lure large technology firms to the capital in recent months.