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Funding Circle trims price range for upcoming London IPO

Last week, the lender said it would issue shares at between 420-530p as part of the IPO but that figure has reportedly been cut to between 440-460p

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Funding Circle has never turned a profit

Peer-to-peer lending platform Funding Circle Holdings PLC (LON:FCH) has trimmed the price range for its upcoming initial public offering, according to reports.

Last week, the fintech firm set a price range of between 420-530p a share, which would have valued it at up to £1.8bn.

READ: Funding Circle confirms plans for London listing

Citing book-runners involved with the float, City AM said the range has now been tightened to 440p-460p a share.

That will value Funding Circle, which matches entrepreneurs and small companies with investors providing flexible financing, at closer to £1.5bn, despite having never turned a profit.

The company has previously said that it hopes to raise £300mln from joining the London Stock Exchange, money which it will use to strengthen its balance sheet to help it take advantage of opportunities in existing and new geographies and to raise brand awareness through marketing.

Quick facts: Funding Circle Holdings PLC

Price: 130 GBX

LSE:FCH
Market: LSE
Market Cap: £458.89 m
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