Chinese Fintech Jianpu Sees Rise in Shares Following U.S. IPO Debut
Jianpu, a unit of Chinese fintech company Rong360 Inc, announced on Thursday the launch of its initial public offering of 22,500,000 American depositary shares (“ADSs”) at a price to the public of US$8.00per ADS for a total offering size of US$180 million. According to Nasdaq, the company experienced a rise as much as 3.8 percent in shares after making its U.S. market debut.
Jianpu claims to be the leading independent open platform for discovery and recommendation of financial products in China. The company revealed that by leveraging its deep data insights and proprietary technology, it provides users with personalized search results and recommendations that are tailored to each user’s particular financial needs and credit profile.
“We also enable financial service providers with sales and marketing solutions to reach and serve their target customers more effectively through online and mobile channels, and enhance their competitiveness by providing them with tailored data, risk management and end-to-end solutions. We are committed to maintaining an independent open platform, which allows us to serve the needs of users and financial service providers impartially.”
Nasdaq noted that Jianpu’s net loss narrowed to 49.04 million yuan$7.39 million in the six months ended June 30, from 104.6 million yuan a year earlier. Its revenue jumped more than two-fold to 393.4 million yuan.
Venture capital firms Sequoia Capital and Lightspeed China Partners are Jianpu’s major shareholders while Goldman Sachs, JP Morgan, and Morgan Stanley were among the top underwriters for the IPO.