360 Finance, a Chinese online consumer lending platform partnered with 360 Group (Qihoo), announced terms for its IPO on Thursday.
The Shanghai, China-based company plans to raise $54 million by offering 3.1 million ADSs at a price range of $16.50 to $18.50. Chairman Hongyi Zhou intends to purchase up to $20 million of the IPO (37% of the deal); two outside investors have also indicated on up to $20 million of the IPO (37%). At the midpoint of the proposed range, 360 Finance would command a fully diluted market value of $2.7 billion.
360 Finance was founded in 2016 and booked $236 million in revenue for the 12 months ended September 30, 2018. It plans to list on the NYSE under the symbol QFIN. Citi, Haitong, AMTD Asset Management and Lighthouse Financial are the joint bookrunners on the deal. It is expected to price during the week of December 10, 2018.
