Golden Bull Targeting IPO on Nasdaq
Golden Bull Ltd., an online peer-to-peer lending platform in China, has announced its plans for an initial public offering.
Golden Bull Ltd., an online peer-to-peer lending platform in China, has announced its plans for an initial public offering on Nasdaq under the ticker symbol "DNJR."
The Shanghai-based company, which was founded in 2015, said in a regulatory filing Friday that it plans to raise up to $9 million by offering 2 million shares at a price range of $4 to $4.50 per American depositary share. No timing for the IPO was announced. At the midpoint of the proposed range, Golden Bull would have a market value of about $64 million.
In its filing, Golden Bull said that in 2015 and 2016, it raised about $8 million through four private placements in China and had $5.6 million in cash as of June 30. The company recorded revenue of $2.8 million in the first six months of this year, reporting a net loss of $601,400.
Describing itself, the company said: "We are an online finance marketplace, or 'peer-to-peer' lending company, in China that provides borrowers access to short-term loans. The loans that we are currently arranging generally range from 30 days to 90 days, and are secured by borrowers' automobiles. Through our online marketplace, we connect individual lenders with individual and small business borrowers."
The company said it had facilitated loans totaling RMB 734.9 million ($108.8 million) from its launching in November 2015 through June 30, 2017.
ViewTrade is the sole bookrunner on the deal.