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Business
Chinese consumer lending firm 360 Finance targets USD 54 mln in U.S. IPO
CKN
2018/12/07 08:19:05
1,574
China's News, China's Financial News, 360 Finance

Dec 07, 2018 (China Knowledge) - 360 Finance, one of China’s largest fintech firms has scaled back its IPO target on the New York stock exchange to USD 54 million from USD 200 million.

The company which engages in the consumer lending business, plans to sell 3.1 million American Depository Shares (ADS) at a price of between USD 16.5 and USD 18.5. Insiders are reported to be looking to buy USD 20 million worth of shares issued and the company will have an enterprise value of USD 2.8 billion at the midpoint of its proposed price range.

As of end September, the company had loaned out USD 13.7 billion to 6.4 million borrowers and has an outstanding balance of USD 5.1 billion. Last year, net revenue for the firm was USD 45 million with net revenues increasing to USD 204 million during the first 3 quarters of this year. The company’s losses for the first 3 quarters this year were USD 68.3 million.

Haitong International Securities, AMTD Asset Management and Lighthouse Financial are joint underwriters for the deal. The company is expected to price its IPO next week.

 

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