Jiayin Group, a Chinese online lending marketplace, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $40 million by offering 3.5 million ADSs at a price range of $10.50 to $12.50. Outside investors have indicated an interest in purchasing up to $43 million worth of shares in the offering (deal is 107% covered). At the midpoint of the proposed range, Jiayin Group would command a fully diluted market value of $615 million.
Jiayin Group was founded in 2011 and booked $428 million in revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol JFIN. Roth Capital and Shenwan Hongyuan Securities are the joint bookrunners on the deal. It is expected to price late this week or early next week.
