Ppdai Makes Weak Debut in New York
Shares of peer-to-peer lender Ppdai, initially priced well below the announced range, made up ground with a strong trading debut even as investors began to lose enthusiasm following a wave of private Chinese financial technology IPOs in Hong Kong and New York.
Ppdai, which operates an online platform connecting small investors and lenders, priced its initial public offering (IPO) at $13 a share, well below the $16-$19 target. At that level, the company raised about $220 million, compared with its maximum goal of $350 million.
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