Chinese Wealth Management Company Jianpu Technology Files For $200 Million IPO

Jianpu Technology, a Chinese wealth management platform, will be looking to raise up to $200 million in an initial public offering this Thursday and will trade on the New York Stock Exchange under the symbol “JT.” The Beijing, China-based company was founded in 2011 and booked $89 million in sales for the 12 months ended June 30, 2017. The company was founded as Beijing Rongshiji Information Technology Co., Ltd. by Mr. Daqing (David) Ye, Mr. Jiayan Lu, Mr. Caofeng Liu and Mr. Chenchao Zhuang who serve as the chairman, chief executive officer, chief operating officer and chief technology officer, respectively.

Goldman Sachs (Asia), Morgan Stanley and J.P. Morgan are the joint bookrunners on the deal.

RONG360 Inc. was established in 2012 as the offshore holding company for this business. On June 1, 2017, RONG360 Inc. established a wholly owned subsidiary, Jianpu Technology Inc.

From the prospectus:

RONG360 Inc. has completed four rounds of equity financing since its inception. In July 2012, RONG360 Inc. sold Series A preferred shares to a group of investors including Lightspeed and KPCB for an aggregate of US$6 million. In July 2013, RONG360 Inc. sold Series B preferred shares to a group of investors including Sequoia, Lightspeed and KPCB for an aggregate of US$20 million. In July 2014, RONG360 Inc. sold Series C preferred shares to Pavilion, Lightspeed, KPCB and Sequoia for an aggregate of approximately US$35 million. In August 2015, RONG360 Inc. sold Series D preferred shares to Sailing Capital, Yunfeng Capital and Sequoia for an aggregate of US$125 million.

The company is offering 22,500,000 shares at a price point of $8.50 to $10.50. Net proceeds from the offering will go towards investing in research and development as well as investing in branding and expanding sales and marketing. Simpson Thacher & Bartlett LLP will be serving as the underwriting counsel.