OneConnect Financial Technology, a Ping An-backed provider of operations management tools for financial firms, lowered the proposed deal size for its upcoming US IPO on Wednesday.
The Shenzhen, China-based company now plans to raise $247 million by offering 26 million ADSs at a price range of $9 to $10 to command a $3.5 billion market cap. The company had previously filed to offer 36 million ADSs at a range of $12 to $14 for a $4.9 billion market cap. At the midpoint of the revised range, OneConnect Financial Technology will raise -47% less in proceeds than previously anticipated.
OneConnect Financial Technology was founded in 2015 and booked $294 million in revenue for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol OCFT. Morgan Stanley, Goldman Sachs (Asia), J.P. Morgan, PingAn Securities, BofA Securities and HSBC are the joint bookrunners on the deal. It is expected to price on Thursday, December 12, 2019.
