PPDAI Group (PPDF) is planning to raise $298 million in an initial public offering (IPO) on Friday, November 10th, IPO Scoop reports. The company will issue 17,000,000 shares at a price of $16.00-$19.00 per share.
In the last twelve months, PPDAI Group generated $389.8 million in revenue and $227.6 million in net income. PPDAI Group has a market-cap of $2.9 billion.
Credit Suisse and Citigroup acted as the underwriters for the IPO and Keefe, Bruyette & Woods (A Stifel Company) was co-manager.
PPDAI Group provided the following description of their company for its IPO: “We are a leading online consumer finance marketplace in China with strong brand recognition. We were ranked No.1 among China’s online consumer finance marketplaces in terms of number of borrowers as of December 31, 2016 and June 30, 2017, according to iResearch. Launched in 2007, we are the first online consumer finance marketplace in China connecting borrowers and investors, whose needs are unserved or underserved by traditional financial institutions, according to iResearch. As of June 30, 2017, we had over 48 million registered users. As a pioneer in China’s online consumer finance marketplace market, we benefit from both our early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. “.
PPDAI Group was founded in 2007 and has 6454 employees. The company is located at Building G1, No. 999 Dangui Road, Pudong New District, Shanghai 201203, People’s Republic of China and can be reached via phone at +86 21 3118-6888 or on the web at http://www.ppdai.com.
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