Jiayin Group sets IPO terms on US stock market

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Jiayin Group, a Chinese online lending marketplace, announced terms for its initial public offering (IPO) on the U.S. stock market late Monday.

The company plans to list its American depositary shares (ADSs) on the Nasdaq under the ticker symbol "JFIN," by offering 3.5 million ADSs at a price range of 10.50 to 12.50 U.S. dollars apiece, according to its prospectus with the U.S. Securities and Exchange Commission.

Each ADS represents four Class A ordinary shares of the company.

The Chinese financing platform said it intended to use the proceeds of its IPO to invest in its marketing to build brand awareness and expand its user base, as well as for strategic acquisitions and for general corporate purposes.

Roth Capital Partners and Shenwan Hongyuan Securities are the joint bookrunners on the deal.

Founded in 2011, the Shanghai-based company, with its business connecting individual investors and borrowers, is among the first online individual finance platforms in China.

It was the third largest individual finance marketplace in China in terms of transaction volume in 2018 for mid- to long-term loans, according to independent market research firm iResearch.

The company cited a growing peer-to-peer lending market in China as its potential opportunities.

Jiayin generates revenues primarily from fees charged for its services in matching investors and borrowers and for other services provided over the term of a loan.

It pocketed revenue of 419.2 million dollars in 2018, an increase of 28 percent from the previous year, its prospectus revealed.

Meanwhile, the prospectus said that its net income grew by 13.4 percent from 2017 to reach 89 million dollars in 2018.

China's online individual finance transaction volume is expected to reach 454.9 billion dollars in 2022, up from 268.5 billion dollars last year, the company said in its filling, citing the latest report from iResearch.

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