The story of small business lender Funding Circle’s IPO in October was in some ways a surprise – and in other ways entirely predictable.
When the IPO was launched at the beginning of September there was feverish speculation that the firm, which chalked up revenue of £63 million in the first half of this year but has yet to make a profit, could be valued at more than £1.65 billion. This was the upper valuation limit set by Heartland, the private holding company of Danish billionaire Anders Holch Povlsen, which had pledged to buy 10% of the deal.
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