(Reuters) - Online micro-credit provider Qudian Inc’s (QD.N) initial public offering could be priced above the expected range of $19-$22 per American depositary share, sources familiar with the matter told Reuters.
The offering could give the company, backed by Alibaba’s (BABA.N) banking unit Ant Financial, a market capitalization of more than $7 billion and raise over $825 million.
That would make the IPO the biggest U.S.-listing by a Chinese company this year.
The offering is expected to be priced after the close of U.S. market on Tuesday, a source said.
Qudian operates a website that allows college students and young white-collar workers to buy laptops, smartphones and other consumer electronics on monthly installments.
Qudian closed its books a day early for its NYSE IPO due to strong demand, Reuters IFR reported, citing people close to the deal.
Credit Suisse, CICC, Citigroup, Morgan Stanley and UBS are joint bookrunners on the IPO.
Reporting by Roopal Verma in Bengaluru and Elzio Barreto in Hong Kong; Writing by Sweta Singh; Editing by Saumyadeb Chakrabarty