By Joanne Chiu Close Joanne Chiu Oct. 23, 2020 3:25 am ET Lufax Holding Ltd., a smaller rival to Chinese financial-technology giant Ant Group Co., is seeking to raise as much as $2.4 billion from an initial public offering in the U.S.
Lufax, which operates online lending and investment platforms, aims to sell 175 million American depositary shares in a range of $11.50 to $13.50 each, according to a filing Thursday. That implies a market value of $28.1 billion to $32.9 billion, based on the postdeal share count in its listing prospectus.
Banks underwriting the deal have the option to increase its size by 15%. Depending on where it prices, if the banks exercise that option this could be the biggest Chinese IPO in the U.S. since Alibaba Group Holding Ltd. ’s $25 billion debut in 2014, Dealogic data shows. The next-largest such share sale was by KE Holdings Inc., an online real-estate brokerage that went public in August and raised $2.44 billion.Lufax’s targeted valuation reflects heightened volatility in the run-up to the U.S.
Lufax has opted for a U.S. IPO even as some other Chinese companies seek listings closer to home, amid tensions between the world’s two biggest economies. The company had previously considered listing in Hong Kong.
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