Chinese Fintech Company Lufax Seeks Up to $2.4 Billion in U.S. IPO
- Date: 23-Oct-2020
- Source: The Wall Street Journal
- Sector:Technology
- Country:Middle East
Chinese Fintech Company Lufax Seeks Up to $2.4 Billion in U.S. IPO
Lufax Holding Ltd., a smaller rival to Chinese financial-technology giant Ant Group Co., is seeking to raise as much as $2.4 billion from an initial public offering in the U.S.
The deal is likely to put a substantially lower value on Lufax“”which has reinvented itself after China cracked down on peer-to-peer lending, once a key business line“”than a private fundraising last year.
Lufax, which operates online lending and investment platforms, aims to sell 175 million American depositary shares in a range of $11.50 to $13.50 each, according to a filing Thursday. That implies a market value of $28.1 billion to $32.9 billion, based on the postdeal share count in its listing prospectus.
In early 2019 it was valued at $39.4 billion after raising $1.4 billion of new funds, according
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