The CEO Of This Year's Hottest Tech IPO Will Get An Extra $30 Million

Renaud Laplanche Lending ClubBloomberg via Getty ImagesLending Club CEO Renaud Laplanche

Lending Club, the online marketplace for loans, has raised its IPO price range to $US12 to $US14 a share from $US10 to $US12.

At the top range of that, Lending Club will raise up to $US929 million when it goes public tomorrow, which makes it the largest IPO for a US tech company this year. On a fully diluted basis, Lending Club will be worth more than $US6.5 billion.

The IPO price increase also means that its CEO, Renaud Laplanche, just added roughly $US29.8 million to his total net worth. Laplanche owns 14.9 million shares, or 4.7% of the company, and at the mid-price of $US13 a share, he’ll be worth nearly $US193.6 million after the IPO.

Lending Club had $US143 million in sales in the first nine months of this year, up 122% from the same period of last year. But like many other fast-growing tech companies, it’s losing money, with a net loss of $US23.9 million this year, according to its S1.

The company claims it processed over $US6 billion worth of loans since its founding in 2007, making it the largest peer-to-peer lending platform in the US. It’s raised nearly $US400 million in funding so far from VCs like Kleiner Perkins and Norwest Ventures. Its board members include Kleiner Perkins’ Mary Meeker, ex-Morgan Stanley CEO John Mack, and former US Treasury Secretary Larry Summers.

Here’s a chart that shows how fast Lending Club has been growing:

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