Jiayin Group surged on its market debut on the Nasdaq on Friday after pricing its initial public offering at the lower end of its targeted range.
The pricing was at US$10.50 per American depositary share (ADS), with a targeted range of US$10.50 to US$12.50.
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Shares of the company closed at US$16.15, surging as much as 64.3% to an intraday high of US$17.25.
The company plans to use the proceeds from the offering – expected to come in at about US$29.8 million – on acquisitions, marketing, and its technology.
Jiayin offered 3.5 million ADSs, representing 14 million class A shares. Roth Capital Partners and Shenwan Hongyuan Securities were the book runners.
Founded in 2011, the online lending markeplace facilitates consumer loans with an average payment term of 12 months or more.
Editing by Charmaine de Lazo
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