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Chinese online brokerage Up Fintech Holding sets terms for $78 million US IPO


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Up Fintech Holding, an online broker age focused on global investors in China, announced terms for its IPO on Monday.

The Beijing, China-based company plans to raise $78 million by offering 13 million ADSs at a price range of $5 to $7. Xiaomi intends to purchase $5 million worth of ADSs in the offering (6.4% of the deal), and Interactive Brokers has agreed to invest up to $7 million in a concurrent private placement. At the midpoint of the proposed range, Up Fintech Holding would command a fully diluted market value of $875 million.

Up Fintech Holding was founded in 2014 and booked $34 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol TIGR. Citi and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of March 18, 2019.

The article Chinese online brokerage Up Fintech Holding sets terms for $78 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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