Deals
Ping An’s OneConnect Expands U.S. IPO to Raise $312 Million
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China-based cloud fintech platform OneConnect Financial Technology Co. expanded its U.S. initial public offering to raise $312 million, partly reversing cuts to its share-sale plans disclosed one day ago.
The company, one of several Ping An Insurance (Group) Co. businesses backed by SoftBank Group Corp., sold 31.2 million American depositary shares for $10 each Thursday, according to data compiled by Bloomberg. OneConnect is valued in the listing at more than $3.6 billion based on the outstanding shares listed in its filing.