Lufax Holding, a leading tech-enabled retail borrowing and wealth management platform in China, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $3 billion.
Lufax is a leading technology-empowered personal financial services platform in China, primarily meeting the unmet demand for personal lending among small business owners and salaried workers. As of June 30, 2020, the company's total balance of retail credit facilitated reached $74 billion and total client assets generated through its online wealth management platform reached $53 billion.
The Shanghai, China-based company was founded in 2005 and booked $7.4 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol LU. Lufax Holding filed confidentially on July 28, 2020. Goldman Sachs, BofA Securities, UBS Investment Bank, HSBC, PingAn Securities, Morgan Stanley, CITIC CLSA and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
