OneConnect (NYSE:OCFT), a Fintech off-shoot of Ping An, listed its shares on the New York Stock Exchange (NYSE) today. The initial public offering raised around $260 million following a decision to slice the offer in half due to demand concerns.
Ping An is one of China’s largest insurers and a Fintech in its own right. Of note, is the fact that Ping An One Connect Bank is one of a handful of companies that have been approved for a virtual bank license in Hong Kong.
— Ping An Group (@pingan_group) December 13, 2019
As for shares in OneConnect, they were issued at $10/each per ADS. OneConnect issued 31,200,000 ADSs (along with providing underwriters a 30-day option to purchase up to 4,680,000 additional ADSs). The gross proceeds for the company came in at around USD $358.8 million – if the underwriters exercise their option. Trading in the shares have been muted, hovering around the IPO price.
OneConnect is described as a leading “technology-as-a-service platform for financial institutions in China.” OneConnect provides tech for financial services like banking, insurance, and asset management.
According to OneConnect’s website, as of September 30, 2019, OneConnect had “served all of China’s major banks, 99% of its city commercial banks, and 46% of its insurance companies.”
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