The Biggest U.S. Tech IPO Of The Year Went Nuts Today
Bloomberg via Getty ImagesThe latest mini-wave of tech IPOs kicked off with a bang today, as Lending Club finished the day up 56% from its filing price.
The peer-to-peer lending company raised its IPO price range on Monday, and expected to go public at $12 to $14. Instead it launched at $15, and almost immediately rocketed up to $24, which is about where it finished the day.
A big IPO pop like this is nice for early investors, but it means that the company left money on the table. The company raised more than $800 million in today's offering, but could have raised $1.35 billion if it had priced where the stock actually ended up.
Lending Club debuted in 2007. It's basically an online marketplace where people can get loans at lower interest rates - instead of going to the bank, people apply online and be matched up with a number of willing lenders.
Tomorrow, two more big tech companies will debut. Both Hortonworks and New Relic will try to raise about $100 million in their IPOs. Both companies are considered "big data" companies, but Hadoop is more involved in collecting the data while New Relic sells tools that analyze it.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- ITC plans to open more hotels overseas: CMD Sanjiv Puri
- 2024 LS polls pegged as costliest ever, expenditure may touch ₹1.35 lakh crore: Expert
- 10 Best things to do in India for tourists
- 19,000 school job losers likely to be eligible recruits: Bengal SSC
- Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund