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Personal Financial Services Platform Provider LUFAX Set Terms for $2.2 Billion US IPO

Esther Thin

Lufax Holding Ltd, a personal financial services platform provider, has filed Amendment No 2 to Form F-1 Registration Statement on October 22, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $2.2 billion by offering 175 million shares at the price range of $11.50 to $13.50. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $30.5 billion.

The company primarily address the large unmet demand for personal lending among small business owners as well as salaried workers in China, and we provide tailor-made wealth management solutions to China’s fast-growing middle class and affluent population.

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.” Goldman Sachs, BofA Securities, UBS Investment Bank, HSBC, PingAn Securities, Morgan Stanley, CITIC CLSA and Jefferies are underwriters of the IPO.

The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.

#ipo #NYSE #Lufax #PwC #PersonalFinancialServices #loan #platform





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