Yuanbao, an online distributor of insurance policies in China, announced terms for its IPO on Thursday.
The Beijing, China-based company plans to raise $28 million by offering 2 million ADSs at a price range of $13 to $15. Insiders intend to purchase $17 million worth of ADSs in the offering (61% of the deal). The company plans to raise an additional $1 million in a concurrent private placement. At the midpoint of the proposed range, Yuanbao would command a market value of $631 million.
Yuanbao is a technology-driven online insurance distributor in China, specializing in personal life and accident and health (A&H) insurance. It operates a full consumer service cycle engine, which integrates about 4,700 interconnected models as of December 31, 2024, to optimize personalized recommendations, purchasing, policy management, claim settlements, and post-sales services. The company collaborates with 46 insurance carriers, offering a diverse portfolio of insurance products, including medical, critical illness, and life insurance. It has developed about 800 media models, 3,200 user models, and over 700 product models to support its operations, ensuring precise targeting and efficient service delivery.
Yuanbao was founded in 2019 and booked $450 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol YB. Goldman Sachs (Asia), Citi, and CICC are the joint bookrunners on the deal. It is expected to price during the week of April 28, 2025.
