LexinFintech Holdings, an online provider of installment-based loans to young Chinese consumers, announced terms for its IPO on Wednesday.
The Shenzhen, China-based company plans to raise $120 million by offering 12 million shares (23% insider) at a price range of $9 to $11. Insiders intend to purchase up to $28 million of the IPO (23%). At the midpoint of the proposed range, LexinFintech would command a fully diluted market value of $1.8 billion.
LexinFintech Holdings was founded in 2013 and booked $810 million in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol LX. Goldman Sachs (Asia), BofA Merrill Lynch, Deutsche Bank and China Renaissance are the joint bookrunners on the deal. It is expected to price during the week of December 18, 2017.
