Qudian, which provides small loans and installment-based financing for e-commerce in China, announced terms for its IPO on Tuesday.
The Beijing, China-based company plans to raise $769 million by offering 37.5 million ADSs (5% insider) at a price range of $19 to $22. At the midpoint of the proposed range, Qudian would command a fully diluted market value of $6.9 billion.
Qudian was founded in 2014 and booked $442 million in revenue for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol QD. Morgan Stanley, Credit Suisse, Citi, CICC and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of October 16, 2017.
