The company, to trade under the ticker symbol "XYF," would raise $104.5 million in its initial public offering. The pricing was above the lower end of the expected range of $9 to $11 per ADS.
X Financial's stated mission is "to utilize internet technology to build the leading personal finance company in China." Investors on X Financial's platform can access diversified investment opportunities supplied with insurance, a rare factor seen in less than 3 percent of online consumer finance marketplaces in China, according to research by consultancy Oliver Wyman.
The company first targeted as much as $250 million in its preliminary prospectus filed two weeks ago before reducing the amount of its offering to $110 million.
As of June 30, the company reported nearly 1.3 million active borrowers and 199,000 individual investors. For the full year 2017, it had 2.2 million borrowers and 198,000 investors compared with 209,000 borrowers and 95,000 investors in 2016.
For 2017, X Financial reported revenue of $270 million. For the first half of 2018, its revenue reached $279.3 million. Net income for the full year 2017 was $51.3 million in contrast to a net loss of $17.9 million for 2016. For the first half-year of 2018, The company posted $67 million in profit.
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