Peer-to-peer lender China Rapid Finance announced on Friday the pricing of its initial public offering (IPO) for 10 million American depositary shares (ADS). The company revealed each ADS was priced at $6.00, with a total offering size of US$60 million.
According to the Asian online lender, each of the ADS represents one Class A ordinary share of China Rapid Finance. China Rapid Finance has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 ADSs at the initial public offering price, less the underwriting discounts and commission. The ADSs have been approved for listing on the New York Stock Exchange and are expected to begin trading under the symbol “XRF.” China Rapid Finance also reported that Morgan Stanley & Co. International plc, Credit Suisse Securities (USA) LLC, and Jefferies LLC are acting as joint book-runners for the offering.
As previously reported, China Rapid Finance was founded in 2001 and describes itself as a consumer lending marketplace that aims to serve China’s emerging middle class. The online lender’s target demographic is employed and well-educated Chinese individuals between the ages of 18 and 29, who live in urban cities, and who are avid mobile users. This demographic, known as EMMA (Emerging Middle-class Mobile Active), is estimated to include over 500 million individuals.
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