Lexin FinTech, a Chinese lending platform that recently filed a $500 million IPO last month, has slashed its outlook and is now planning to raise $120 million in an initial public offering. The company plans to list on the NASDAQ Global exchange under the symbol “LX” and plans to offer 12 million American depositary shares at a midpoint price of $10.00 per share.
The reduced price-point of the IPO is a result of China’s new policy of tightening regulations on online consumer lending which passed last month. BofA Merrill Lynch, Deutsche Bank Securities Inc., China Renaissance Securities (Hong Kong) Limited and Goldman Sachs (Asia) will serve as the underwriters on this offering.
Lexin Fintech was founded in 2013 and has over 2,500 employees. Jay Wenjie Xiao, 34, is the current CEO of the company. According to the company prospectus, Lexin Fintech has over 6.5 million customers and over 20 million registered users.