OneConnect Financial Technology, the Singapore-based financial technology platform developer spun off by insurer Ping An, closed its initial public offering at approximately $347m today.
The company raised an initial $312m when it floated on the New York Stock Exchange last month, issuing 31.2 million American Depositary Shares (ADSs) priced at $10.00 each. Ping An itself subscribed for $10m of shares.
The extra capital represents the partial exercise of an over-allotment option that gave the underwriters 30 days to buy up to 4.68 million more ADSs. OneConnect’s shares closed at $14.09 yesterday and the underwriters acquired a total of 3.52 million ADSs to close the offering.
Spun off from Ping An in 2017, OneConnect offers a cloud-based platform that includes a range of financial technology tools to help businesses in the industry digitise their services.
The company received $750m from investors including internet and telecommunications group SoftBank, real estate developer Oceanwide Holdings’ Oceanwide Financial Technology vehicle and financial services firm SBI and its SBI Stellars Fintech Fund in 2018.
Ping An’s stake in OneConnect was cut from 39.7% to 36.6% when the company floated, while the share held by SBI Stellars was diluted from 6.1% to 5.6%.
The joint book-running managers for the IPO were Morgan Stanley, Goldman Sachs (Asia), JP Morgan Securities and Ping An of China Securities (Hong Kong). BofA Securities and HSBC Securities (USA) were passive joint bookrunners while CLSA and KeyBanc Capital Markets were co-managers.
