Lufax Holding, which provides a leading platform for retail loan facilitation in China, announced terms for its IPO on Thursday.
The Shanghai, China-based company plans to raise $2.2 billion by offering 175 million ADSs at a price range of $11.50 to $13.50. At the midpoint of the proposed range, Lufax Holding would command a market value of $30.5 billion.
Lufax is a leading technology-empowered personal financial services platform in China, primarily meeting the unmet demand for personal lending among small business owners and salaried workers. As of June 30, 2020, the company's total balance of retail credit facilitated reached $74 billion and total client assets generated through its online wealth management platform reached $53 billion, ranking Lufax number two and number three, respectively, among non-traditional financial service providers in China.
Lufax Holding was founded in 2005 and booked $7.5 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol LU. Goldman Sachs, BofA Securities, UBS Investment Bank, HSBC, PingAn Securities, Morgan Stanley, CITIC CLSA, Jefferies, J.P. Morgan, BOCI Asia, Haitong International, Stifel, China Renaissance and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
