X Financial, which operates a peer-to-peer lending platform in China, announced terms for its IPO on Wednesday.
The Shenzhen, China-based company plans to raise $110 million by offering 11 million ADSs at a price range of $9 to $11. The $110 million deal size is well below the $250 million deal size estimated in the company's initial filing. A co-founder indicated interest in purchasing up to $30 million of the IPO and outside investors indicated an interest in purchasing up to $70 million (combined 91% of deal). At the midpoint of the proposed range, X Financial would command a fully diluted market value of $1.6 billion.
X Financial was founded in 2014 and booked $442 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol XYF. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.
