China Rapid Finance, a Chinese exchange for peer-to-peer microlending, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $105 million by offering 10 million shares at a price range of $9.50 to $11.50. At the midpoint of the proposed range, China Rapid Finance would command a fully diluted market value of $586 million.
China Rapid Finance was founded in 2001 and booked $56 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol XRF. Morgan Stanley, Credit Suisse and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of April 24, 2017.
