Bloomberg via Getty Images Renaud Laplanche, CEO, Lending Club
The 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.
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