IPO Eve. IPO Changed to $15 a share!

[nerf]

how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

[Inflationhawk]

Getting a 250 final allocation when you subscribed to 350 is actually pretty damn good on a hot IPO like this one.  I'm actually surprised as many shares were granted.  Usually Wall Street folk don't  give opportunities like this out except to insiders with special relationships.  Anyone that got shares should view this as an unexpected windfall.

[DanB]

how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

No, way more than 50k were extended the initial offer from LC to participate & to contact Fidelity to indicate interest.
 50k + did that by contacting Fidelity & were then sent emails with the step by step procedures to follow. How many followed those steps to the very end this morning is unknown, but inevitably there are always large drop offs for a variety of reasons beginning with inability to follow directions, & meet deadlines, procrastination, cold feet, changing their mind etc etc. Couple that with the 6-7 hour confirmation window we had last night & I'd be really surprised if more than a third of that 50k ended up participating.

[Fred93]

I initiated an ACH transfer to Fidelity this morning for what I figure my shares will cost me.  The website said it could take 4 business days for the funds to be available in my account. I'm hoping they will consider the funds to be there on time.

I suggest you not assume.  Brokers have to interpret such rules strictly, so I suggest you call them and ask. 

Luckily, Fidelity has local offices in many cities.  If your ACH won't satisfy them, you can walk into a branch and hand them a check.

[nerf]

how many shares do you estimate lending club allocated to regular investors like us?
I don't even know how many investors they have
250* ?

LC offered up 58MM shares for its IPO, and reserved up to 10% to the DSP. In one of the other threads, i think DanB said 50k lenders indicated interest in the IPO, which, assuming the full 10% is allocated to us and every lender participated in the IPO, gives about 116 shares / lender. We got about double that ...so about 25k of us bought in? who knows

My understanding from Fidelity was 50K LC investors were extended the offer. They didn't give an indication as to how many indicated interest nor participated.

No, way more than 50k were extended the initial offer from LC to participate & to contact Fidelity to indicate interest.
 50k + did that by contacting Fidelity & were then sent emails with the step by step procedures to follow. How many followed those steps to the very end this morning is unknown, but inevitably there are always large drop offs for a variety of reasons beginning with inability to follow directions, & meet deadlines, procrastination, cold feet, changing their mind etc etc. Couple that with the 6-7 hour confirmation window we had last night & I'd be really surprised if more than a third of that 50k ended up participating.

Fido told me 50K were invited to participate out of the LC pool. Not that 50K expressed interest. I'll call tomorrow to check but...

Based on the reduced splits the number ended up dropping to closer to 20% by the time all was said and done. Let's say 100% of the DSP was to LC customers, not realistic but fine. 5.7 mil at 250 shares each would be 22,800 participants. However if the split was closer to 40% to LC customers and 60% to F/F (like a traditional DSP) the allocation would have fallen in closer to 9000 LC investor participants. Seeing how folks who are LC investors are probably a bit smarter with their money than most (and when people see the word IPO they see dollar signs) I'd be surprised if participation rate was much lower than 20% but you never know.

[BruiserB]

I initiated an ACH transfer to Fidelity this morning for what I figure my shares will cost me.  The website said it could take 4 business days for the funds to be available in my account. I'm hoping they will consider the funds to be there on time.

I suggest you not assume.  Brokers have to interpret such rules strictly, so I suggest you call them and ask. 

Luckily, Fidelity has local offices in many cities.  If your ACH won't satisfy them, you can walk into a branch and hand them a check.

That is my backup plan.  There's an office near my work. I'm going to see how the transfer looks in my account tomorrow and if I have any doubt, I'll walk in with a check tomorrow or Monday.


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[core]

I was just putting in my accounting for yesterday's trade and couldn't get the numbers to balance at first.  I see I was charged $0.13 in "Fees" on top of the commission.  Likely regulatory fees.  I expect this from someone like InteractiveBrokers where the commissions are so low they have to pass on such things directly to customers.  But Fidelity?  That I found a little surprising.  Just an FYI.