Today, OneConnect the blockchain and AI spin-off from China’s Ping An will launch a U.S. initial public offering (IPO) for about $500 million, according to a
Reuters report. The figure is significantly lower than the previously anticipated $1 billion offering size.
Last month, the company made a preliminary registration with the SEC for a $100 million IPO.
Yesterday an updated
SEC filing was published showing the maximum amount as $579.6 million, but $504 million ignoring underwriter options.
The figure is also less than last year’s Series A round in which OneConnect raised between $650 million and $750 million at a reported valuation of $7.5 billion, with Japan’s SoftBank and SBI Holdings as the lead investors. According to our calculations, the post money valuation will now be between $4.45 billion and $5.19 billion.
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