Fintech unicorn Lufax Holding Ltd. has become one of the latest Chinese companies to tap U.S. capital markets despite rising tensions between the two countries, setting out a price range for a New York IPO that could raise as much as $2.36 billion.
Lufax, which is backed by financial conglomerate Ping An Insurance (Group) Co. of China Ltd., plans to issue 175 million American depositary shares (ADSs) priced between $11.50 and $13.50 each, according to its updated prospectus filed with the U.S. Securities and Exchange Commission on Thursday.
The company could raise $2.36 billion if the shares are priced at the top of the range. An overallotment option could bring the total offering to 201.25 million ADSs, with an additional $354.4 million if they are priced at the top of the range, the prospectus showed.
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Contact reporter Tang Ziyi (firstname.lastname@example.org)