A leading independent online insurance product and service platform in China, Huize Holding, has priced its initial public offering of American Depositary Shares (ADSs) at $10.50 per ADS.
The IPO was of 5,250,000 ADSs, each representing 20 Class A common shares of the company. This indicates that the company raised at least $55m.
In addition, Shenzhen-based Huize has granted the underwriters an option to purchase up to an additional 787,500 ADSs at the IPO price within 30 days from the date of the final prospectus.
The $10.50 price per ADS falls in the middle of the initially indicated range of $9.40 to $11.40.
Targeting the younger generation, Huize offers a wide variety of insurance products with a focus on long-term life and health insurance products, which are particularly suitable for its clients.
The ADS are listed on the Nasdaq Global Market.