New IPO: Qudian IPO could raise $769 million in New York

China-based company to offer shares at between $19 and $22 apiece.

New IPO: Qudian IPO could raise $769 million in New York

Chinese online credit products provider Qudian plans to raise $769 million in an initial public offering (IPO), Renaissance Capital has reported. The Qudian IPO will come amid a flurry of listing activity in the US.

Qudian filed for an upcoming IPO with the US Securities and Exchange Commission yesterday, unveiling plans to offer American Depository Shares priced between $19 and $22 apiece. Renaissance Capital noted in its coverage of the news that at the midpoint of the proposed range, the company would command a fully diluted market value of $6.9 billion. 

Qudian said in the statement that it was the largest online provider of small cash credit products in China in terms of the number of active borrowers and the amount of transactions in the six months ended June 30, 2017, according to the Oliver Wyman Report. The group disclosed in the filing that its total revenues had reached $212.8 million last year, marking a 514-percent surge year-on-year. Net income meanwhile rallied 695.2 percent to $143.6 million in the six months ended June 30, 2017.

The company plans to list on the New York Stock Exchange, where its shares will be traded under the ticker symbol ‘QD’. The lead underwriters of the Qudian IPO are Morgan Stanley, Credit Suisse, Citigroup, China International Capital Corp and UBS.

The filing comes after it recently emerged that China’s most popular Netflix-style streaming video service iQiyi was targeting a listing in the US next year. Singapore entertainment platform Sea meanwhile is looking to raise $1 billion in an initial public offering in New York. The IPO calendar also includes data centres company Switch Inc, which is expected to raise $469 million on the NASDAQ tomorrow. 

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