PPDAI Group, a Chinese peer-to-peer online lending platform, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $298 million by offering 17.0 million ADSs at a price range of $16 to $19. At the midpoint of the proposed range, PPDAI Group would command a fully diluted market value of $5.7 billion (26x LTM P/E). The company's proposed float is just 5.7% of its basic market cap (5.2% of diluted).
PPDAI Group was founded in 2007 and booked $381 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol PPDF. Credit Suisse and Citi are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2017.
