LendingClub Corp. (NYSE: LC) announced the pricing of its initial public offering Wednesday after the markets closed. The offering is for a total of 58 million shares of common stock at $15 per share. Out of the total number of shares, 7.7 million are being offered by the selling stockholders. There is also an overallotment option to purchase up to 8.7 million additional shares of common stock.

The original pricing range for the shares was expected to be $12 to $14; however, shares priced over the range at $15.

This post has been updated live coverage of the IPO.

Update as of 10:30 a.m.: LendingClub was indicated at $17 to $20, but we now are hearing indications above $20. Investor demand has delayed the formal opening of this deal due to strong interest in the name.

Update 10:40 a.m.: LendingClub has opened at $24.75 and by 10:42 more than 1 million shares traded hands — make that 2.2 million shares by 10:44.

Morgan Stanley and Goldman Sachs are the joint lead book-running managers for the offering. Credit Suisse and Citigroup are acting as joint book-running managers. Allen & Company is acting as lead manager, with Stifel, BMO Capital Markets, William Blair and Wells Fargo acting as co-managers.

LendingClub is an online marketplace connecting borrowers and investors. For consumers and small business borrowers, the company leverages its cost advantages and marketplace model to provide borrowers with affordable credit. It utilizes its technology to provide a better experience, offering borrowers a convenient, simple and fast online application that improves the often time-consuming and frustrating loan application process. It has facilitated over $6 billion in loan originations since it first launched in 2007.

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The marketplace is where borrowers and investors engage in transactions relating to standard or custom program loans. Standard program loans are three-year or five-year personal loans made to borrowers with a FICO score of at least 660 and that meet other strict credit criteria.

LendingClub generates revenue from transaction fees from the marketplace’s role in matching borrowers with investors to enable loan originations, servicing fees from investors and management fees for investment funds and other managed accounts. The company does not assume credit risk or use its own capital to invest in loans facilitated by the marketplace, except in limited circumstances and in amounts that are not material.

LendingClub has experienced significant growth since its marketplace launched in 2007. For the year ended December 2013, it facilitated loan originations through the marketplace of $2.1 billion, up 188% from $717.9 million in the previous year. For the nine months ended in September 2014, the company facilitated loan originations through its marketplace of $3.0 billion, compared to the previous year’s $1.4 billion, representing an increase of 117%. For the 2013 fiscal year, total net revenue was $98.0 million, compared to the previous year’s $33.8 million, representing an increase of 190%. For the nine months ended in September 2014, total net revenue was $143.0 million, up from $64.5 million in the same period of the previous year, an increase of 122%.

24/7 Wall St. weighed in on what one analyst said to expect from LendingClub in the future.

The proceeds from this offering will be put toward increasing LendingClub’s capitalization and financial flexibility, while also creating a market for its stock.

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