BRIEF: Yuanbao raises $30 million in Nasdaq IPO
Shares of online insurance distributor Yuanbao Inc. (YB.US) rose 6.4% in their trading debut on the Nasdaq on Wednesday, only to give back all the gains the next day to close on Thursday at their $15 IPO price. The latest closing price gave Yuanbao a market cap of $678 million.
Yuanbao raised $30 million in the listing by selling 2 million American depositary shares (ADS) for $15 each, at the top of their range of $13 to $15. The company concurrently agreed to sell another $1 million worth of its ordinary shares to Qiming, an early backer. Despite its relatively modest size, the deal had some major underwriters, including leading U.S. investment banks Citi and Goldman Sachs, as well as leading Chinese investment bank CICC.
Yuanbao’s revenue grew 60% to 3.28 billion yuan last year from 2.05 billion yuan in 2023. It recorded a profit of 436 million yuan last year, reversing a loss of 333 million the previous year.
By Doug Young
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