Chinese microlender Lexin files for a $500m US IPO

Lexin Fintech Holdings, an online microlending platform targeting young Chinese consumers, on Monday filed for IPO in the US to raise $500 million.

According to the company’s IPO prospectus, Lexin plans to list on Nasdaq under the stock code LX. The joint book runners include Goldman Sachs (Asia), BofA Merrill Lynch, Deutsche Bank, and China Renaissance.

Founded in 2013, the Shenzhen-based company taps the growing spending power of China’s younger generation and saw $810 million in revenue for the 12 months ended September 2017. Also, the company had 3.3 million active customers during the nine months ended September 2017, up 34% from the prior year, as Nasdaq’s website pointed out.

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