As the technology world focuses on all things cybershopping, there's at least one reason to click away from the checkout basket: LendingClub moved one big step closer to its initial public offering.
The online lender announced plans on Monday to raise up to $796 million in its IPO, assuming the underwriters exercise their option to buy shares. Should LendingClub sell shares at $12 apiece, the high end of the range, the San Francisco-based company would be valued at about $5.6 billion, on a fully diluted basis.
That's a big number—and it can go higher—for a company that generated $176.5 million in sales over the past year. A valuation multiple of over 30 times trailing revenue is something you're more likely to see from a fast-growing software company than an online lender.