Pintec Technology Holdings, which operates an online platform that facilitates merchant financing in China, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $41 million by offering 3.7 million ADSs at a price range of $10 to $12. Insiders intend to purchase up to $34 million of the IPO (83% of the deal). At the midpoint of the proposed range, Pintec Technology Holdings would command a fully diluted market value of $481 million and an enterprise value of $572 million.
Pintec Technology Holdings was founded in 2015 and booked $140 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol PT. Goldman Sachs (Asia), Deutsche Bank and Citi are the joint bookrunners on the deal. It is expected to price during the week of October 22, 2018.
