OneConnect Financial Technology, a Singapore-based fintech platform that is backed by insurance group Ping An, filed for an initial public offering on Wednesday.
The company set a placeholder amount of $100m and investment bank Renaissance Capital estimated the final figure could be as high as $500m.
OneConnect has not set any terms so far and is yet to decide whether to list on the New York Stock Exchange or Nasdaq Global Market.
Spun out of Ping An in 2017, OneConnect Financial Technology has built a technology-as-a-service platform aimed at financial services firms, insurance providers and asset management companies.
The platform relies on artificial intelligence to facilitate digital transformation in areas including sales and marketing, product development, risk management and operations management.
The company does not appear to have raised any external funding. Ping An currently owns a 39.8% stake through a vehicle called Bo Yu.
A holding company called Sen Rong owns a 50% stake. Sen Rong includes shares set aside under OneConnect’s share option plan and an entity called Rong Chang that is controlled by five employees of Ping An.
Mao Zhang owns a 6.1% stake through a vehicle dubbed SBI StellarS.
Morgan Stanley, Goldman Sachs (Asia), JP Morgan, Ping An Securities, Bank of America Securities, HSBC, CLSA Asia-Pacific Markets and KeyBanc Capital Markets have been appointed joint bookrunning managers for the proposed offering.
