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Peer2Peer Finance News | July 23, 2019

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LendInvest mulls stock market flotation

LendInvest mulls stock market flotation
Suzie Neuwirth

LENDINVEST has confirmed that it is considering a stock market flotation.

The online property lender said on Thursday that it is considering a range of strategic options including an initial public offering (IPO), after Sky News reported that it was plotting a £500m float.

LendInvest itself is privately owned, but it has a listed subsidiary LendInvest Secured Income, which made a statement on the London Stock Exchange.

“Further to recent press speculation, LendInvest Limited, the ultimate holding company of LendInvest Secured Income plc, has confirmed that, together with its major shareholders, it is considering a range of strategic options for the business, including a potential IPO,” it said.

Sky News reported earlier on Thursday that LendInvest has hired investment bank Lazard to advise on its strategic options.

Read more: LendInvest hails record-breaking December with £83m in loans

Sourced cited by Sky News said that the company was likely to choose a syndicate of banks by the end of the month to oversee the float, that could take place as soon as this year.

The sources also said that LendInvest would be looking for a valuation of at least £500m.

LendInvest was a member of the Peer-to-Peer Finance Association until 2017, when it withdrew its application with the Financial Conduct Authority (FCA) to operate a peer-to-peer lending platform.

The company, which is run by chief executive Christian Faes (pictured), decided to stop accepting retail money and tailor its platform to sophisticated or high net worth investors and investment professionals.

However, it then launched a retail bond, issued by LendInvest Secured Income, opening up itself up to everyday investors again albeit not directly through the platform.

LendInvest will be following in fellow fintech lender Funding Circle’s footsteps if it floats on the London Stock Exchange this year. The P2P business finance provider made its public debut last October after months of speculation.