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Traders work in front of a monitor displaying Equifax Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York.
Chinese fintech company Qudian jumped nearly 40 percent on its opening day of trading on the NYSE Wednesday.
Shares priced at $24 in the $900 million IPO, above the expected range of $19 to $22. The 37.5 million offering of American Depository Shares makes it one of the largest U.S.-listed floats by a Chinese company this year with a reported valuation of $7.9 billion.
Shares opened at $34.35. The company trades under the ticker symbol QD.
The Alibaba-backed company provides short-term micro loans through its mobile app to China’s young workers who are looking for extra cash to be able to affords things like premium-priced apparel or concert tickets.
In 2016, the company posted net income of about $85 million on total revenue of $212.8 million. In the six months that ended June 30 of this year, revenue was $270.4 million and net income came at $143.6 million, according to Qudian.
Morgan Stanley, Credit Suisse, Citigroup, CICC and UBS are joint book runners for the IPO.
– CNBC’s Saheli Roy Choudhury contributed to this report.
