China-based online business financial services platform Pintec filed yesterday to raise up to $70m in an initial public offering that will allow internet company Sina and electronics manufacturer Xiaomi to exit.
Pintec runs an online marketplace where lenders and finance providers can connect to businesses to offer point-of-sale financing and instalment loans as well as insurance and wealth management products to their customers.
The company made a $13.5m net loss in 2017 from $90.7m in revenue. Its last funding came last month in a $103m round co-led by Sina and venture capital firm Mandra Capital and backed by STI Financial Group, Shunwei Capital Partners and Zhong Capital Holding.
Xiaomi invested in Pintec as part of a December 2017 round of undisclosed size, according to the IPO filing. Its corporate venturing unit, Xiaomi Ventures, owns a 7.2% stake in Pintec while Sina holds 7.7% through a vehicle called New Fortune.
Pintec’s other notable investors are co-founders Jun Dong (10%), Wei Wei (6.6%) and Xiaomei Peng (5.2%), Mandra Capital (7.9%), VC fund Ventech (7.5%) and VC firm Matrix Partners China (5.1%).
The underwriters for the offering, which is set to take place on the Nasdaq Global Market, are Goldman Sachs (Asia), Deutsche Bank Securities and Citigroup Global Markets.