LendInvest has begun its first day of trading on AIM, a market operated by the London Stock Exchange.

Based on the offer price of 186 pence, LendInvest’s (LINV) market capitalisation on Admission will be approximately £255.6 million.

The IPO will raise proceeds of £40 million, which LendInvest will use to invest in its continued growth, through accelerating its technology roadmap and expanding strategically into new property finance product areas.

Rod Lockhart, chief executive of LendInvest, commented: “Listing in London today is the next landmark in our growth journey. I’d like to thank each and every member of the team at LendInvest who made this incredible achievement possible.

We are hugely excited about the future for LendInvest. The capital that we have raised through this IPO will enable us to accelerate our technology roadmap, expand into new areas of property finance, and attract new investors, brokers and borrowers to our platform.

We’re delighted to welcome a great group of investors today, and we look forward to delivering for them on the next stage of our journey.

We set out to make property finance simple, and today’s IPO is an important milestone in our journey towards achieving that goal.”