OneConnect – Chinese Ping An’s blockchain arm revealed the terms for a $ 468M IPO

OneConnect Financial Technology, a provider of performance management tools backed by Ping An for financial companies, announced the terms for the U.S. IPO on Monday.

The blockchain and AI subsidiary of leading Chinese insurance company Ping An Insurance -OneConnect, set the terms for the initial public offering (IPO) that was announced earlier.

ping an oneconnect IPO

The company has developed a smart legal contract system. The company was founded as a fintech of Ping An, one of China’s largest insurance companies, and is preparing to IPO. ALFA smart contract cloud solution is being implemented on parts of Ping An. It covers seven financial sectors, including banking, funds, securities, trusts, leasing, futures and insurance.

According to an updated F-1 filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company aims to increase from $ 432 million to $ 504 million through a 36 million share offering US depository (ADS) with prices between $ 12 and $ 14. Each ADS represents three common shares.

The goal is much higher than when the company’s prospectus was first filed in mid-November when a $ 100 million figure was proposed.

OneConnect, a financial company backed by SoftBank, submitted its prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

OneConnect, filing with the SEC called for a $ 100 million goal increase, though that number could go up.

According to Nasdaq, on 12/12, OneConnect plans to list on NYSE with ticker code OCFT. The IPO’s underwriters involve Morgan Stanley, Goldman Sachs, JPMorgan, HSBC and Bank of America.

In the middle of the proposed range, OneConnect Financial Technology will command a market value of $ 4.9 billion and a business value of $ 4.7 billion. This implies a significant mark since its last round of funding increased by $ 750 million at a valuation of $ 7.5 billion, led by SoftBank at $ 22.50 per ADS.

The valuation of the company is about $ 4.7 – $ 4.9 billion, down from a valuation of $ 7.5 billion at the time of the final fundraising.

Nasdaq said OneConnect’s revenue was $ 222 million and operating loss was $ 160 million in the first nine months of 2019.

In September, the company looked for a listing in New York after it was not made public in Hong Kong at a higher valuation. They had hoped to raise $ 1 billion through an IPO with a valuation of $ 8 billion. Now it seems OneConnect has settled half that amount if the report is accurate.

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