Lufax Holding, which provides a platform for retail loan facilitation and wealth management in China, raised $2.4 billion by offering 175 million ADSs at $13.50, the high end of the range of $11.50 to $13.50. This will mark the second largest deal of 2020 thus far, behind Snowflake (SNOW) which raised $3.4 billion in September.
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 plans to list on the NYSE under the symbol LU. Goldman Sachs (Asia), 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 acted as bookrunners on the deal.
