Qudian Sets Price Range for U.S. Listing - Caixin Global
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Qudian Sets Price Range for U.S. Listing
Online microlender Qudian Inc. set the price range for its New York IPO on Tuesday, aiming to raise more than $800 million in what could become the largest U.S. listing to date by a new wave of Chinese financial technology companies, known as fintechs.
The offering would follow last week’s successful Hong Kong listing of another fintech company, online-only insurance provider ZhongAn Online Property & Casualty Insurance Co. Ltd., which raised $1.5 billion. Since pricing at the top of its range on strong demand, ZhongAn’s stock has risen about 13% above its offer price.
Qudian set a price range of $19 to $22 for its American Depositary Shares (ADSs), kicking off a roadshow for an IPO expected to make its trading debut around the middle of this month, said a source with direct knowledge of the process, speaking on condition of anonymity. A pricing at the top of that range would allow Qudian to raise $825 million, though the size could be increased if demand is strong, he added.
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