Weidai, which provides an auto-secured loan platform for small businesses in China, announced terms for its IPO on Wednesday.
The Hangzhou, China-based company plans to raise $45 million by offering 4.5 million ADSs at a price range of $9 to $11. Outside investors have indicated on buying up to $50 million of the offering (111% of deal size). At the midpoint of the proposed range, Weidai would command a market value of $700 million.
Weidai was founded in 2011 and booked $558 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol WEI. Morgan Stanley and Citi are the joint bookrunners on the deal. In the latest filing, Credit Suisse was removed as a bookrunner and AMTD was added as a co-manager. It is expected to price later this month.
