China Rapid Finance, which operates an online marketplace in China for small peer-to-peer loans, lowered the proposed deal size for its upcoming IPO on Thursday.
The Shanghai, China-based company now plans to raise $65 million by offering 10 million shares at a price range of $6 to $7. The company had previously filed to offer 10 million shares at a range of $9.50 to $11.50. At the midpoint of the revised range, China Rapid Finance will raise -38% less in proceeds than previously anticipated.
China Rapid Finance was founded in 2001 and booked $57 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol XRF. Morgan Stanley, Credit Suisse and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of April 24, 2017.
