Chinese Peer-to-Peer Lending Group Ppdai Updates Its IPO Plan
Xu Wei
DATE:  Oct 31 2017
/ SOURCE:  Yicai
Chinese Peer-to-Peer Lending Group Ppdai Updates Its IPO Plan Chinese Peer-to-Peer Lending Group Ppdai Updates Its IPO Plan

(Yicai Global) Oct. 31 -- Ppdai.com operator Ppdai Group Inc. submit an updated F-1 form for its initial public offering of American Depositary Shares today and plans to issue 17 million of them, equivalent to 85 million grade A shares (each ADS is worth five grade A shares). The market expects Ppdai ADS will fetch between USD16 and USD19 and the issuance may raise USD371 million, Sina reported.

The Chinese peer-to-peer lending business intends to float on the New York Stock Exchange with the ticker [NYSE:PPDF].

The selling stockholders of Ppdai are allowing each subscriber to place an offer to buy at most 2.55 million ADS in the event of an oversubscription.

Each Ppdai grade A share carries one vote while grade B shares carry 20 votes apiece. Grade B shares can be converted into grade A ones.

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Keywords:   PPDai.com,IPO,US,P2P