Credit: Shutterstock photoPPDAI Group, a Chinese peer-to-peer online lending platform, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $298 million by offering 17 million shares at a price range of $16 to $19. At the midpoint of the proposed range, PPDAI Group would command a fully diluted market value of $5.2 billion.
PPDAI Group was founded in 2007 and booked $381 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol PPDF. Credit Suisse and Citi are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2017.
The article Chinese lending platform PPDAI Group sets terms for $298 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
