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Peer2Peer Finance News | August 18, 2019

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LendInvest appoints trio of banks to work on IPO

LendInvest appoints trio of banks to work on IPO
Hannah Smith

LENDINVEST has reportedly appointed three investment banks to work on its £500m initial public offering (IPO).

The online property lender has hired Goldman Sachs and Barclays as joint global co-ordinators, while BNP Paribas has been appointed to a more junior role as bookrunner, according to Sky News.

It was reported earlier this month that Lazard is advising Lendinvest on its strategic options.

LendInvest is expected to list on the stock market this year in an IPO valued at at least £500m. It follows the stock market debut of Funding Circle, which came to market at the end of 2018 after months of speculation, and has seen its share price take a buffeting since then.

Read more: Digital lenders eye IPOs but will investors bite?

LendInvest itself is privately owned, but it has a listed subsidiary LendInvest Secured Income.

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.

Since launch in 2013, LendInvest has facilitated £1.2bn of loans made to borrowers who have bought, built or renovated 4,000 residential properties in more than 120 English towns and cities, it says.

LendInvest did not immediately respond to a request for comment.

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