China Commercial Credit, a microcredit company that provides direct loans and loan guarantee services to businesses and individuals in the Jiangsu Province of China, filed and announced terms for its IPO on Friday. The company plans to raise $18 million by offering 2.7 million shares at a price range of $6 to $7. At the midpoint of the proposed range, China Commercial Credit would command a fully diluted market value of $76 million.
The Wujiang, China-based company, which was founded in 2008 and booked $12 million in interest and fee revenue for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol CCCR. China Commercial Credit initially filed confidentially in February 2013. Burnham Securities is the sole bookrunner on the deal.
