(BN) LendingClub Raises $870 Million in IPO Poised to Change Finance

LendingClub Raises $870 Million in IPO Poised to Change Finance
2014-12-11 05:01:00.9 GMT


By Leslie Picker and Noah Buhayar
Dec. 11 (Bloomberg) -- LendingClub Corp. is getting a
larger-than-expected cash infusion from an initial public
offering after pricing an increased number of shares above the
marketed range.
The company, which arranges loans to individuals and small
businesses over the Internet using funds from investors who can
commit as little as $25, raised $870 million in the IPO. San
Francisco-based LendingClub and some of its venture capital
backers sold 58 million shares for $15 each, according to a
statement yesterday, after offering 57.7 million for $12 to $14.
The company raised the range this week from $10 to $12.
Chief Executive Officer Renaud Laplanche founded the
company before the financial crisis, seeking to use technology
to make borrowing cheaper and easier. Since then, the peer-to-
peer lender has facilitated more than $6 billion in loan
originations. Now, its IPO is serving as a barometer for an
entire industry of alternative lenders that will be looking to
see how the public markets value these types of businesses.
LendingClub earns revenue by charging transaction and
servicing fees on the loans it helps issue and lists online for
investors to fund. Its main products are three- and five-year
unsecured consumer loans with interest rates that average about
14 percent. Investors of all stripes -- from individuals and
hedge funds to banks and asset managers -- are now funding loans
on the platform.
That’s helped boost originations. LendingClub’s net revenue
more than doubled to $144 million in the first nine months of
the year, compared with the same period in 2013. While the
company has posted losses this year, it was profitable during
2013.

Proceed Plans

LendingClub, which sold 50.3 million of the shares in the
IPO according to the statement, will use the proceeds for
working capital, expenditures and debt repayment. The company
may use some of the funds for acquisitions as well.
Existing investors Canaan Partners, Kleiner Perkins
Caufield & Byers and Union Square Ventures offered 7.7 million
shares in the offering.
LendingClub’s model has attracted some high-profile
backers. Former Morgan Stanley Chairman and Chief Executive
Officer John Mack sits on LendingClub’s board, as does Mary
Meeker, who previously worked as a research analyst at the firm
and is now a partner at Kleiner Perkins. Larry Summers, the
former U.S. Treasury secretary and president emeritus of Harvard
University, is also a director.
Morgan Stanley and Goldman Sachs Group Inc. managed the
offering. The shares, listed on the New York Stock Exchange
under the symbol LC, will begin trading today.

For Related News and Information:
LendingClub Boosts IPO Up to $808 Million Amid Investor Meetings
NSN NG9SM36KLVRN<GO>
Loans Made in Blink as Investors Vie for LendingClub Clients
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LendingClub’s IPO Looms Over Alternative Lenders Seeking Funds
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To contact the reporters on this story:
Leslie Picker in New York at +1-212-617-2797 or
lpicker2@bloomberg.net;
Noah Buhayar in New York at +1-206-262-4148 or
nbuhayar@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Dan Reichl

( tagesanzeiger.ch) A way out of the crisis Sika

A way out of the crisis Sika
The owner wants to get rid communities of Sika three recalcitrant directors. Despite the escalation of a solution seems possible.

Apply with references to this article in or sign us error .
"Dry but never boring." So the anniversary report is titled, the Sika ( SIK 0.07% to 2,767) has published on the occasion of the 100th anniversary four years ago. The motto to provide the construction and adhesive manufacturers like sequence. Thus, the company recently invited a to a race track. Only a slingshot course was completed, then we drove at high speed across the tarmac - in BMW, Jaguar and Tesla, the lightweight body of Sika adhesives is held together.

Also recently boredom was not on the agenda. But the company is self-skid. The founding family has announced the sale of its controlling stake in the French Saint-Gobain, the nine people and six board members do not carry the decision with. In response, the family shareholders have an extraordinary general meeting. Three rebellious directors are to go early, including President Paul Hälg.

Entrenched

Most of all we would probably also the most recalcitrant other three directors rid Frits van Dijk, Ulrich Suter and Christoph Tobler. Of these, the founding family has refrained because the project could fail because of a qualified More, the company statutes prescribe for this case. For this is the new business lawyer Max Roesle butt as president to Sika, also a director Chris Tanner was nominated, current CFO of Cosmo Pharmaceuticals. On balance, the persons elected by the family Burkard had so from January the majority in the committee.

But should not the rest so that companies come. The Board rejected the majority owner, she put her resignation in view at the conclusion of the sale. This is likely to further harm not only the mood in the company, but also the beleaguered share. The management team is ascribed a key role in the success of recent years. One of its strengths is its long association with the operation: Most Division leaders are already since the eighties Sika, the current CEO of 1998 to Jenisch met.

Clash of business units as a solution

A greater upheaval threatens the company from Baar, riding on the wave of success in recent years. Despite hardened fronts incumbent President Paul Hälg not to give up hope. "I continue to work on solutions for the company," he says. Similarly said by the designated Board Chris Tanner. "In the near future, the most important task be to promote dialogue and build bridges between all those involved." Tanner, who sees himself as an independent director, is a longtime friend of Willi Leimer, of which about Schenker-Winkler Holding interests of the founding family at Sika represents.

While Saint-Gobain speaks of synergies in millions, interferes with the management of the conflicts of interest that would entail the entry of competitors by themselves. A possible way out of the crisis could be the transfer of overlapping business units between Saint-Gobain and Sika, say as business-related sources. Addressed are the areas of cement and mortar production and the tile adhesives. Overlaps make estimated that a maximum of 10 percent of sales from Sika and far less at Saint-Gobain. The French would cede this business, the Company no longer stood directly in competition. An important reason that speaks against the partial takeover, would thus be off the table.

The much-touted Sika Spirit

As the Sika management is such a solution was not to be found out on Wednesday. According to the business analysts Martin Hüsler of the Zürcher Kantonalbank, the clash of certain portfolios quite a variation. "All that would enhance the independence of Sika contributes to reducing conflicts of interest." According Hüsler Nevertheless, it is questionable whether the new constellation an essential would change. "In terms of strategic questions Sika remain dependent of Paris." According Remo Rosenau of the New Helvetic Bank is not the Sika culture is equivalent to be part of a major corporation. "The unique company spirit would be lost forever, and not just the top management."

Also a full takeover of the profitable Sika is likely to remain an issue in Saint-Gobain. What this would trigger the historic company, one can speculate at most. A reference to the self-understanding provides the 100th anniversary report. "Sika remains true to himself," It states in the concluding section. This reaffirms the "devotion and loyalty" of the owner's family and guarantees on their behalf "security, stability and continuity." The same site-touted duty of employees, "the name Sika to ensure" - they may have been damaged after the sale to Saint-Gobain well.

(La Tribune) The transaction between Technip and CGG does not convince the state

The transaction between Technip and CGG does not convince the state for the moment (Google Translation)

Officially, the state has a neutral position in the merger between Technip and CGG. Behind the scenes, however, it is not (yet) convinced by this.

What will Technip on the CGG file while the Christmas break is fast approaching? Will he throw in the towel before the little enthusiastic response to his offer, including the part of the State, or he is preparing a new offer more attractive? But he has the will and especially the means? One thing is certain, the state as a shareholder of MBC, which notably strengthened in June 2010 via BpiFrance interests (while ISPs) in the capital of oil services taking 6% over about 17 euros the action is not convinced by the offer. "The price for CGG and industrial project are not," says a source close to the case in La Tribune. This is the position of the state, which "look carefully what happens."

Technip, the case is complicated a bit more, even if the state did not de facto arbiter. But this is, however, difficult to do without his consent - at least implied. It is also the capital of both groups. Certainly, to a minor extent. In CGG, it has almost 11% of CGG via two vehicles: BpiFrance holdings (7.04%) and IFP (French Petroleum Institute) Energies Nouvelles (3.59%). Technip, it has a little less than 8% of its capital: BpiFrance Holdings (5.20%) and IFP Energies Nouvelles (2.50%). For these reasons, the state remains in an official position of neutrality, the directors of the state is not taking part in the debate or vote when this operation is mentioned because of their presence in the two councils.

An ongoing expertise
The State questioned such a rapprochement between Technip and CGG "? Downstream, Upstream Services industry We are not sure yet" the relevance of this operation. This is also why an expert is ongoing. In addition, the draft Technip to retain a portion of CGG awakens fears for employment. Especially since at CGG, it does not hesitate to recall that, in the Essonne Massy, ​​riding the Prime Minister Manuel Valls, about 400 employees work in the Acquisition branch Technip wishes to transfer.

"The state is very bothered by the possible dismantling" do you note in the group's entourage. Above all, many observers fear that the supply of Technip opens a Pandora's box with possible against-offer of a new player. Not impossible in a process of consolidation in the sector.

(LA Tribune) L'opération entre Technip et CGG ne convainc pas l'Etat pour le mom

Officiellement, l’État a une position de neutralité dans l'opération de rapprochement entre Technip et CGG. En coulisse, il n'est toutefois pas (encore ?) convaincu par cette opération.

Que va faire Technip sur le dossier CGG alors que la trêve de Noël arrive à grands pas ? Va-t-il jeter l'éponge devant le peu d'enthousiasme qu'a suscité son offre, y compris de la part de l'État, ou bien prépare-t-il une nouvelle offre plus attractive ? Mais en a-t-il la volonté et surtout les moyens ? Une chose est sûre, l'Etat en tant qu'actionnaire de CGG, qui s'est notamment renforcé en juin 2010 via BpiFrance participations (alors FSI) dans le capital du parapétrolier en prenant 6 % au cours d'environ 17 euros l'action, n'est pas convaincu par l'offre. "Le prix pour CGG et le projet industriel n'y sont pas", explique une source proche du dossier à La Tribune. C'est la position de l'Etat, qui "regarde attentivement ce qui se passe".

Pour Technip, le dossier se complique un peu plus, même si l'Etat n'a pas de facto un rôle d'arbitre. Mais cela reste difficile de faire toutefois sans son accord - au moins tacite. Il est d'ailleurs au capital des deux groupes. Certes, de façon minoritaire. Chez CGG, il possède près de 11 % de CGG via deux véhicules : BpiFrance participations (7,04 %) et IFP (Institut Français du Pétrole) Energies Nouvelles (3,59 %). Chez Technip, il a un peu moins de 8 % de son capital : BpiFrance Participations (5,20 %) et IFP Energies Nouvelles (2,50 %). Pour ces raisons, l'Etat reste dans une position officielle de neutralité, les administrateurs de l'Etat ne prenant pas part ni aux discussions ni au vote quand cette opération est évoquée en raison de leur présence dans les deux conseils.

Une expertise en cours
L'État s'interroge sur un tel rapprochement entre Technip et CGG : "Aval, amont ? Services, industrie ? Nous ne sommes pas encore sûrs" de la pertinence de cette opération. C'est d'ailleurs pour cela qu'une expertise est en cours. En outre, le projet de Technip de ne conserver qu'une partie de CGG éveille des craintes pour l'emploi. D'autant que chez CGG, on ne se prive pas de rappeler que, à Massy dans l'Essonne, la circonscription du Premier ministre Manuel Valls, environ 400 salariés travaillent dans la branche Acquisition que Technip souhaite céder.

"L'Etat est très embêté par un éventuel démantèlement", note-t-on dans l'entourage du groupe. Et surtout, beaucoup d'observateurs craignent que l'offre de Technip n'ouvre la boîte de Pandore avec une possible contre-offre d'un nouvel acteur. Pas impossible dans un secteur en voie de consolidation.

L'AUTEUR

>>> What to look at today - 11th of December 2014

US Market closed lower, a big drop in the energy sector (-3.1%) keeping the market under pressure throughout the session...The energy sector widened its fourth-quarter loss to 15.9% with crude oil settling lower by 4.5% at $60.92/bbl. Today's slide took place after China reported its lowest year-over-year growth in CPI (1.4%) and OPEC cut its demand forecast. In addition, crude stockpiles showed an unexpected build. Following today's drop, the energy component is down 33.4% since the end of the third quarter...materials sector(-2.1%) spent the day at the bottom of the leader board...the industrial sector (-1.9%) slumped under the weight of Boeing -3,9% after Airbus investor day -10% in europe...YUM -6,2% after disap. guidance that echoed global growth concerns...volumes were ahead of average 890mil shares...VIX @ 18,53% +24,45%...US After Hours RH +6.8%, CTVI +3.9%, URBN +2.9%, WTSL-39.1%, LAKE -8.3%, MW -0.3% ...Asian indices echoed another pummeling in the US markets where year-end profit taking has taken stocks down for the 3rd straight day. Safe-haven US bonds are firmly bid amid political uncertainty in Greece, slowdown in China, and looming FOMC meeting next week, with the yield on the US 10-yr at 2-month lows and 30-yr at 20-month lows. Tracking lower US yields, USD/JPY fell below 117.50 - a 2-week low...China Securities Regulatory Commission (CSRC) said it plans to inspect margin trading leverage issues for brokers next week due to outsized volatility in the A-shares over the past week. Separately, a press report indicated PBoC has been easing lending conditions, targeting 2014 Yuan loans to hit CNY10T v CNY8.9T reached in 2013...Nikkei -0.89%...Hang Seng -1.12%...Shanghai -0.97%.

Eur$1.2454 S&P +0.10% EuroStoxx -0.38% Dax -0.34% SMI -0.44%

Macro :
- Germany Has EU1b Anti-Red Tape Plan for Startups: Handelsblatt

Keep an eye on :
- ACS SM : ACS Wins Contract to Build Highway in Colombia: Cinco Dias
- ATC NA : Altice’s Ratings Under Review for Downgrade by Moody’s
- BARC LN : NY Regulator Said to Probe Deutsche Bank, Barclays FX Algorithms
- BMW GY : BMW CEO Change Was Pushed by Quandt Family, Handelsblatt Says
- BOL FP : Bollore to Supply Electric Buses in France, La Tribune Says
- CON GY : Schaeffler Plans to Work Closer With Continental: Sueddeutsche
- DBK GY : NY Regulator Said to Probe Deutsche Bank, Barclays FX Algorithms
- DBK GY : Deutsche Bank Preferred to SocGen, Jefferies Says; Both PTs Cut
- ELE SM : Endesa to Replace Viscofan in IBEX 35 Index
- FER SM : Ferrovial Teams With Firstgroup to Challenge Renfe: Expansion
- ITX SM : Inditex 9-Month Sales, Net In Line With Ests.
- DEC FP : JCDecaux, Vodafone Sign 15-Yr Contract for Small Cells
- REP SM : Repsol to Revise Profit Outlook on Oil Plunge: El Confidencial
- RWE GY : RWE Said to Mull Raising Savings Target for Generation Unit: WSJ
- SBMO NA : SBM Offshore to Cut 600 Jobs, ‘Release’ 600 Contractor Staff
- SHP LN : Shire CEO Says ‘We Have the Money to Move’ on M&A
- GLE FP :Deutsche Bank Preferred to SocGen, Jefferies Says; Both PTs Cut
- TIT IM : Telefonica, Oi, Claro Said to Plan $15b Offer for Tim --> TSU US +5,72% {http://reut.rs/1ICkzJe}
- VOD LN : Vodafone Expects to Cut Jobs on Spain Ono Purchase, Pais Says

>>> Brokers Upgrades & Downgrades - 11th of December 2014

>>> Up
*ALDAR PROPERTIES RAISED TO NEUTRAL VS SELL AT UBS
*BENETEAU RAISED TO BUY VS HOLD AT SOCGEN
*OLVI RAISED TO BUY AT NORDEA
*SSAB CUT TO SELL VS BUY AT GOLDMAN
*STHREE RAISED TO BUY VS HOLD AT JEFFERIES

>>> Down
*ADECCO CUT TO UNDERPERFORM AT JEFFERIES
*BANKINTER CUT TO NEUTRAL VS BUY AT GOLDMAN
*CARL ZEISS MEDITEC CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*OSRAM CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*OUTOKUMPU RAISED TO BUY VS NEUTRAL AT GOLDMAN
*PRUDENTIAL CUT TO NEUTRAL VS BUY AT NOMURA
*SALZGITTER CUT TO SELL VS NEUTRAL AT GOLDMAN
*STMICROELECTRONICS CUT TO SELL VS NEUTRAL AT UBS
*THOMAS COOK GROUP CUT TO SELL VS NEUTRAL AT GOLDMAN
*VOESTALPINE CUT TO NEUTRAL VS BUY AT GOLDMAN
*WEIR CUT TO NEUTRAL VS BUY AT CITI

>>> PT Changes


>>> Initiation
*NORMA GROUP RESUMED BUY AT BERENBERG, PT EU45.60

>>> Call
>> Country
*ITALIAN EQUITIES CUT TO UNDERWEIGHT AT HSBC
*GERMAN EQUITIES RAISED TO OVERWEIGHT AT HSBC

(LesEchos) Happn, concurrent français de Tinder, lève 8 millions de dollars

L'application de rencontres a séduit plus d'un million d'utilisateurs en moins d'un an.
Elle vient de lever 8 millions de dollars auprès de fonds d'investissements.
L'une des nouvelles applications stars du moment est française. Lancée en février seulement, Happn a déjà séduit plus d'1 million d'utilisateurs, dont 300.000 en France. Son concept : mettre en relation les gens qui se croisent au cours de la journée. Avec la géolocalisation de leur smartphone, deux utilisateurs qui sont passés au même endroit sont ainsi mis en relation, en temps réel. « La géolocalisation est très précise, souligne Didier Rappaport, cofondateur et directeur général de Happn (un ancien de Dailymotion). Nous ne traçons pas tous les déplacements, mais uniquement les points de croisement entre deux utilisateurs. » De quoi devenir le nouveau Tinder, cette application américaine qui a ringardisé tous les sites de rencontres ? « Nous sommes assez différents, note Didier Rappaport. Quand on se connecte à Happn, on ne voit que les gens que l'on a croisés, qui sont autour de nous. Si l'on visite une exposition, par exemple, on verra ceux présents également à cette exposition. »
Etre présent à l'échelle mondiale en 2015
Pour soutenir sa croissance, la start-up française vient de lever 8 millions de dollars auprès de deux fonds d'investissement, le britannique DN Capital et le français Alven Capital. Une prise de participation minoritaire qui va aider la société à croître - elle devrait passer de 25 à 50 employés dans les douze prochains mois - et à étoffer sa présence à l'international. Déjà lancée à Paris, Londres (la capitale britannique est le premier marché de Happn en nombre d'utilisateurs), Berlin, Madrid et Barcelone, l'application vient d'être déployée à Chicago, Los Angeles et Sydney. En janvier, Happn devrait se lancer à Boston, San Francisco et en Italie, avant d'attaquer l'Amérique du Sud en février. Objectif : ajouter trois nouvelles villes chaque mois et être présent partout dans le monde l'an prochain, le tout étant géré depuis Paris. Ces fonds permettront aussi de faire connaître la marque, sur un marché gourmand en investissements marketing et où la concurrence est féroce.
L'application fonctionne sur un modèle « freemium ». Elle est gratuite, mais certaines options sont payantes. Deux utilisateurs qui ont indiqué aimer leurs profils respectifs peuvent discuter gratuitement, mais si ce « like » n'est pas réciproque, la mise en relation devient payante (entre 12 et 17 centimes d'euro). « C'est un modèle classique sur ce marché, affirme Didier Rappaport. Les gens sont prêts à payer pour ce type de services. » Par la suite, Happn pourrait aussi permettre aux marques de communiquer sur la plate-forme