Chinese loan platform Weidai sets terms for $45 million US IPO

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Weidai, which provides an auto-secured loan platform for small businesses in China, announced terms for its IPO on Wednesday.

The Hangzhou, China-based company plans to raise $45 million by offering 4.5 million ADSs at a price range of $9 to $11. Outside investors have indicated on buying up to $50 million of the offering (111% of deal size). At the midpoint of the proposed range, Weidai would command a market value of $700 million.

Weidai was founded in 2011 and booked $558 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol WEI. Morgan Stanley and Citi are the joint bookrunners on the deal. In the latest filing, Credit Suisse was removed as a bookrunner and AMTD was added as a co-manager. It is expected to price later this month.

The article Chinese loan platform Weidai sets terms for $45 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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