LendInvest is planning to pursue a £300m initial public offering (IPO), two years after abandoning its previous work on a stock market listing.
According to Sky News, the online property lending platform will announce its intention to list on the London stock market this week.
It was reported that LendInvest will seek a valuation in excess of £300m, lower than the £500m price tag targeted in 2019.
Sources told Sky News that LendInvest would use the capital raised to expand its product range to other parts of the mortgage market, such as consumer buy-to-let loans.
Bankers at Berenberg will reportedly oversee the IPO.
Former Amigo Loans chairman Stephan Wilcke is among the new appointments set to join LendInvest’s board, alongside Penelope Judd, Plus500’s former chair, and Dale Murray, a former adviser to David Cameron.
LendInvest has expanded at a rapid rate in recent years and in January it secured a £500m commitment from JP Morgan in January to help scale up its buy-to-let mortgage lending business.
In its latest half-year results, for the six months to 30 September 2020, LendInvest reported a 244 per cent year-on-year rise in core earnings to £6.2m.
Gross revenue rose by 11 per cent year-on-year to reach £56.4m, while almost £1.4bn was processed via gross loans and advances, up 27 per cent year-on-year.