(Yicai Global) Dec. 20 -- Jiayin Fintech, the parent company of Chinese peer-to-peer lender Niwodai, has filed for an initial public offering on the Nasdaq Stock Market in the hopes of raising as much as USD57.5 million.
The Shanghai-based company did not disclose the size of the float nor pricing terms in a prospectus it filed with the US Securities and Exchange Commission. Apart from investments in fintech, the funds raised would go to expand the group's business scope, strengthen research and development of technical capabilities, especially in the fields of big data analysis and risk control, and reduce service costs.
Jiayin Fintech, a pioneer in China's online lending market, applied to delist from the country's National Equities Exchange and Quotations on March 7 "for the sake of long term development in capital market," it said in a statement. It listed on the Beijing-based NEEQ, or New Third Board, in 2015.
Niwodai, Jiayin Fintech's core business, focuses on medium- and long-term consumer loans with an average maturity of 12 months, according to the document.
The platform lent about USD2.8 billion in the nine months through September, with just over 96 percent extended by repeat investors. They stumped up an average USD10,097 each.
Niwodai's active borrowers jumped 34.5 percent to 2.4 million over the period from a year earlier. It offers loans ranging from CNY5,000 (USD725) to CNY30,000, with each customer borrowing an average USD997 over the three quarters.
The prospectus also revealed Jiayin Fintech's overall performance. Net profit rose over 13 percent to USD65.4 million on an almost 47 percent gain in net revenue to USD316.2 million.
Roth Capital Partners and Shenwan Hongyuan Securities are arranging the US deal.