Chinese peer-to-peer lender Paipaidai files IPO documents
PPDAI Group Inc. PPDF, +0.00% hopes to raise $350 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The China-based company said it intends to list American depository shares on the New York Stock Exchange under the ticker symbol “PPDF.” It has been rumored to be going public for some time, with The Wall Street Journal reporting it was formulating plans in 2016. The $350 million it hopes to raise is likely a placeholder and per the Journal report was valued at roughly $2 billion in 2016. Known as Paipaidai, the company offers unsecured peer-to-peer loans and said that it had 48 million registered users as of June. In the first six months of 2017, the company logged a net loss of $60 million on sales of $255 million. Credit Suisse, Citigroup and Keefe, Bruyette & Woods are listed as underwriters.