Qihoo partner 360 Finance sets terms for $54 million US IPO

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360 Finance, a Chinese online consumer lending platform partnered with 360 Group (Qihoo), announced terms for its IPO on Thursday.

The Shanghai, China-based company plans to raise $54 million by offering 3.1 million shares at a price range of $16.50 to $18.50. Insiders intend to purchase up to $20 million of the IPO  (37% of the deal). At the midpoint of the proposed range, 360 Finance would command a fully diluted market value of $3.0 billion and an enterprise value of $2.8 billion.

360 Finance was founded in 2016 and booked $236 million in revenue for the 12 months ended September 30, 2018. It plans to list on the NYSE under the symbol QFIN. Citi, Haitong, AMTD Asset Management and Lighthouse Financial are the joint bookrunners on the deal. It is expected to price during the week of December 10, 2018.

The article Qihoo partner 360 Finance sets terms for $54 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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