Funding Circle confirms intermediaries for IPO

Individuals will be able to invest in the listing via a number of stockbrokers.

After publishing its Registration Document last week, peer-to-peer lending firm Funding Circle has this morning confirmed its intention to float. The company has provided further details on the offer.

Part of the landmark float – the first for a UK peer-to-peer lender – will be reserved for intermediaries, allowing qualifying individual investors to participate. The minimum investment size has been set at £1,000.

Well-known stockbrokers and share dealing platforms, including AJ Bell Youinvest, Hargreaves Lansdown and IG Group, are involved. The full list of the participating intermediaries is available below.

The IPO itself is expected to take pace in October – with Funding Circle expecting to become eligible for inclusion in the FTSE indices once trading begins.

This morning’s update also confirms Merrill Lynch, Goldman Sachs and Morgan Stanley as joint global co-ordinators and join bookrunners, with Numis also acting as a joint bookrunner, as was first reported in a Sky News piece earlier this year. BofA Merrill Lynch is acting as sole sponsor on the offer.

Heartland A/S, the private holding company of Danish billionaire Anders Holch Povlsen, has agreed to backstop the IPO with a purchase order for 10 per cent of the issued shares at a maximum valuation of £1.65bn.

Participating intermediaries:

• AJ Bell Youinvest
• Albert E Sharp
• Barclays Smart Investor
• Cornhill Capital Limited
• Hargreaves Lansdown
• iDealing.com Limited
• IG Group
• Interactive Investor
• RedmayneBentley Stockbrokers
• Saga Share Direct
• Selftrade
• Sharedeal Active
• Shareview
• SVS Securities Plc
• The Share Centre
• WH Ireland Limited
• XO.co.uk