Chinese Peer-to-Peer Lender Weidai Files to Raise Up to $100 Million in New York
According to the prospectus, Weidai is the largest auto-backed financing provider in China in terms of loan volume.
Hangzhou-based peer-to-peer lending platform Weidai, which translates as "micro-lending," filed its preliminary prospectus Friday seeking to raise up to $100 million in an initial public offering in New York.
The proposed IPO size shrinked significantly since the company first announced its plans in April. According to Bloomberg citing sources, Weidai was previously planning to raise nearly $400 million.
Launched in 2011, the online micro-lending platform has attracted multiple high-profile investments, including a $159 million series C funding in 2016 led by Vision Knight Capital. Among other key investors were Chinese billionaire Chen Tianqiao's Shanda Group and Shenzhen-listed software developer Hakim Unique Internet Co.
According to its prospectus, Weidai was the largest auto-backed financing provider in China in terms of loan volume from 2015 to 2017, with a market share of approximately 35 percent last year.
Its revenue for the full year 2017 was $535.8 million, while net income reached $77.9 million.
Credit Suisse, Morgan Stanley, and Citigroup are the lead underwriters on the deal.