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Exits, IPO, Private Equity

Broadline Capital-Backed China Rapid Finance Raises $60M In US IPO

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China Rapid Finance Ltd., a Shanghai-based P2P (peer to peer) lending platform backed by Sino-U.S. private equity firm Broadline Capital, has priced an initial public offering to raise US$60 million via a listing on the New York Stock Exchange.

The company issued 10 million American Depositary Shares (ADS) at a price of US$6 per share, with each ADS representing one class A ordinary share. The listing completes an 18-month process to since the company was first reported to pursue an IPO in December 2015.

China Rapid Finance has granted the underwriters a 30-day option to purchase up to an additional 1.5 million ADS at the initial public offering price. Trading of the ADS began on April 28 in New York.

Founded in 2001, China Rapid Finance bridges money lenders and individuals who need credit in China. Its products offer lenders interest rates ranging from 6% to over 12%.

The platform has 1.4 million registered borrowers and have facilitated 10.7 million loans transactions cumulatively, according to its IPO prospectus.

In July 2015, the company completed a US$35 million series C round led by Broadline Capital. No information regarding its previous funding rounds are available.

Founded in 2005, Broadline Capital is a private equity firm focused on growth capital and impact investments primarily in Asia and North America. The firm is headed by Chris Thorne, a former McKinsey & Co consultant, entrepreneur and investor.

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