Yuanbao, an online distributor of insurance policies in China, raised $30 million by offering 2 million ADSs at $15, the high end of the range of $13 to $15. Insiders had indicated on $17 million of the IPO (now 57% of the deal), and the company also planned to raised $1 million in a concurrent private placement to Qiming Venture Partners. At pricing, Yuanbao commands a fully diluted market value of $732 million, 7% higher than previously anticipated.
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 plans to list on the Nasdaq under the symbol YB. Goldman Sachs (Asia), Citi, and CICC acted as joint bookrunners on the deal.
