Futu Holdings, a fast-growing online brokerage in China, announced terms for its IPO on Tuesday.
The Hong Kong-based company plans to raise $120 million by offering 10.9 million ADSs at a price range of $10 to $12. Tencent intends to purchase $30 million worth of ADSs in the offering (25% of the deal). At the midpoint of the proposed range, Futu Holdings would command a fully diluted market value of $1.3 billion.
Futu Holdings was founded in 2011 and booked $103 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol FHL. Goldman Sachs (Asia), UBS Investment Bank and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of March 4, 2019.
