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Funding Circle cuts pricing range for London listing - source

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By Reuters

LONDON (Reuters) – Peer-to-peer lender Funding Circle <IPO-FNIG.L> on Wednesday cut the price range for its initial public offering (IPO) to 440-460 pence per share, from an initial guidance of between 420-530 pence, a bookrunner on the deal said.

The listing in October is expected to value Funding Circle at around 1.5 billion pounds.

The first of Britain’s new breed of peer-to-peer financial technology firms to seek a public float, the company backed by Danish billionaire Anders Holch Povlsen and launched in 2010, hopes to raise around 300 million pounds from the listing on the London Stock Exchange.

Books are expected to close on September 27.

(Reporting by Clara Denina, editing by Sinead Cruise)