Qudian Inc. (NYSE:QD)

WEB NEWS

Wednesday, October 18, 2017

Research

Qudian Inc. (NYSE: QD), a provide of small loans, priced its IPO price at $24 per ADS and will start trading on NYSE today. The offering price is above the previous range of $19 to $22. It is offering 37.5m ADS’s, among which 35.6m are newly issued and 1.9m are from existing shareholders. The implied market cap after the IPO is approximately $7.9 billion, and the company reported $143.6m net income for the first six months of 2017 (vs ~$18m net income in the same period last year). If annualizing the first half 2017 net income, the implied P/E after IPO would be about 27.6. In addition, BABA’s related company, Ant Financial, owns 11.4% after the IPO through API (Hong Kong) Investment Limited.   



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