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Peer-to-peer-lender-Funding Circle aims for £1.8bn valuation

By Oliver Haill

Date: Wednesday 19 Sep 2018

(Sharecast News) - Peer-to-peer lender Funding Circle said it hoped to raise around £300m when it floats in London in an offer open to institutional and private investors.
The company will have an initial valuation of £1.4-1.8bn after it set out a price range for the offer at 420p to 530p per share, with a total share capital of 329.7-345.05m.

Funding Circle will issue 71.4m new shares, which could be extended with a secondary over-allotment of up to 10% more, to raise a gross £300m to beef up its balance sheet.

Directors want a stronger balance sheet to support its strategy to pursue "growth over profitability" in the medium term, providing "strategic flexibility" and the ability to take advantage of opportunities either in current markets or new geographies.

Retail investors can take part in the initial public offer via brokers, of which the list includes AJ Bell, Albert E Sharp, Alliance Trust, Barclays, Cornhill Capital, Hargreaves Lansdown, iDealing.com, IG, Interactive Investor, Killik & Co, Redmayne-Bentley, Saga, Selftrade, Sharedeal Active, Shareview, Shore Capital, SVS Securities, The Share Centre, TS Capital, WH Ireland Limited and X-O.co.uk.

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