Ping An’s OneConnect chops US IPO proceeds in half

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By Jonathan Breen
12 Dec 2019

OneConnect Financial Technology Co, a unit of Chinese conglomerate Ping An Group, reduced the size and price range of its New York Stock Exchange listing on Wednesday, a day before it was to be priced.

The company launched its IPO on December 3 looking to raise up to $504m from an offer of 36m American Depository Shares (ADS), at $12 to $14 a share. But it trimmed the float to 26m ADS with revised guidance of $9 to $10 apiece on Wednesday.

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