LendingClub spikes nearly 70% in trading debut

Lending Club founder and CEO Renaud Laplanche rings a ceremonial bell to begin trading during the company's IPO on the floor of the New York Stock Exchange, Dec. 11, 2014.
Brendan McDermid | Reuters

Shares of LendingClub, the world's largest online marketplace that connects borrowers and investors, rose as much as 67 percent in their debut, valuing the company at more than $9 billion.

That valuation makes the firm bigger than Comerica, First Republic, Zions, SVB and City National. Only 13 U.S. banks are bigger.

The initial public offering of 58 million shares raised $870 million after being priced at $15 per share, well above the expected range of $12-$14.

San Francisco-based LendingClub sold 50.3 million shares, while selling stockholders offered the rest.

LendingClub's shares opened at $24.75 on the New York Stock Exchange and touched a high of $25.44.

The spike means an even bigger payday for early investors. Some of the biggest shareholders' stakes are now worth as much as $1.2 billion (Norwest Venture Partners), $1.15 billion (Canaan Partners) and $925.5 million (Foundation Capital).

Former Treasury Secretary Larry Summers, who is a board member, also owns a stake now worth $23.5 million.

The company's low-cost peer-to-peer platform allows investors to lend directly to individuals and businesses, cutting out banks.

Read MoreHow LendingClub aims to end banking as we know it

Morgan Stanley, Goldman Sachs and Citigroup were the underwriters to the IPO.

CNBC's Ari Levy contributed to this report.