CNFinance Holdings, which is a leading provider of home equity loans in China, announced terms for its IPO on Wednesday.
The Guangzhou, China-based company plans to raise $52 million by offering 6.5 million ADSs at a price range of $7.50 to $8.50. Several outside investors indicated an interest in purchasing up to $60 million (115% of deal size) worth of ADSs on the IPO. At the midpoint of the proposed range, CNFinance Holdings would command a fully diluted market value of $604 million.
CNFinance Holdings was founded in 1999 and booked $335 million in sales for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol CNF. Roth Capital and Shenwan Hongyuan Securities are the joint bookrunners on the deal.
