Pintec Technology has launched its initial public offering which will see 3.7 million shares deployed on the NASDAQ.
The class A ordinary shares are being listed at $11.88 apiece, and makes the total offering size $44.3m. This value is under the circumstance that underwriters do not operate their rights to purchase additional shares.
Underwriters have been given the option to purchase an additional 558,750 shares within 30 days from the date of the final prospectus. Its shares are being listed under the symbol PT.
Goldman Sachs (Asia), Deutsche Bank Securities and Citigroup Global Markets are acting as joint bookrunners to the offering. ICBC International Securities is the co-manager and will offer and sell some of the shares outside of the US to non-US persons.
China-based PINTEC develops end-to-end solutions based on AI, big data and blockchain technology, to help small and medium-sized financial institutions and businesses to offer online services. Its customised solutions include point-of-sale financing, personal instalment loans, business instalment loans, to wealth management and insurance products.
The company uses analysis in retail financial services including user cases, traffic, data, risk management, capital and products, to give SMEs standardised and modularised solutions.
Earlier in the year, it was reported the company was looking to launch on the NASDAQ; however, early reports suggested it was looking to a $70m IPO.
The company also closed a $103m funding round earlier in the year, with investments coming from Mandra Capital and SINA, among others.
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