GoodFaith Technology, which provides delinquent debt collection and related services for credit loans in China, filed on Friday with the SEC to raise up to $15 million in an initial public offering.
The Shanghai, China-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, GoodFaith Technology would command a market value of $115 million.
GoodFaith Technology provides pre-approval risk management and post-loan delinquent debt collection products and services in connection with credit loans. The company is currently focused on serving commercial banks, e-commerce platform affiliated finance companies, licensed consumer finance companies, and other financial institutions in China that engage in the consumer credit loan business. GoodFaith has established a network of 16 operating centers and 3 administrative offices in over 11 cities across China, with a client base of more than 75 commercial banks and non-bank financial institutions.
GoodFaith Technology was founded in 2014 and booked $37 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol GFCX. The company filed confidentially on July 13, 2022. A.G.P. is the sole bookrunner on the deal.
