FD Technology, which provides a payment plan platform for the wedding, education, and family health industries in China, filed on Tuesday with the SEC to raise up to $18 million in an initial public offering.
The Shanghai, China-based company plans to raise $18 million by offering 3.5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, FD Technology would command a market value of $69 million.
Through its PRC operating entity Shanghai Fendan, FD Technology provides marketing, intermediary, and technology services to merchants and financial institutions in the wedding, continuing education, and family healthcare industries. Its Aifendan Platform is an interactive system where individual consumers are offered a "purchase before payment" option by merchants utilizing FD Technology's services, which allows them to make installment payments through financing services provided by cooperating financial institutions. As of September 30, 2022, the Aifendan Platform had over 218,000 registered consumers and 3,850 registered merchants, and the company had 12 cooperating financial institutions, including one consumer finance company, two trust companies, five commercial factoring companies, and four micro-lending companies.
FD Technology was founded in 2016 and booked $9 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol FDAN. The company filed confidentially on September 21, 2021. Aegis Capital Corp. is the sole bookrunner on the deal.
