(Yicai Global) Oct. 18 -- Chinese internet financial technology company Qudian Inc. is preparing for an IPO in the US and its shareholder Beijing Kunlun Tech Co. [SHE:300418] plans to sell the additional shares to fulfill its over-allotment option for the IPO.
Per Qudian's IPO issuance results as of yesterday, the company transferred 588,200 shares at USD25 per share, with the total amount transacted USD14.12 million, d by Beijing Kunlun Tech announced .
As Qudian exercises its IPO over-allotment option, Beijing Kunlun Tech plans to sell an additional 1.76 million shares at USD24 per share in a deal worth USD42.35 million. Qudian's total IPO issue will reach 37.5 million shares, with a market value of USD7.9 billion, TechWeb.com.cn reported.
By last December, Beijing Kunlun Tech held 57.96 million shares in Qudian for a 19.7% shareholding. After the completion of the over-allotment option and additional share sales, Beijing Kunlun Tech will still hold 16.86% of Qudian's shares.
Established in March 2014, Qudian gained support from the financial platform Ant Financial Services Group under e-commerce behemoth Alibaba Group Holding Ltd. [NYSE:BABA]. It focuses on providing installment sales enabling youngsters to buy consumer electronic products.