Lufax prices U.S. IPO shares at $13.50, sources say

(Reuters) – Lufax Holding Ltd LU.N, one of China’s largest online wealth management platforms, on Friday priced shares in its U.S initial public offering (IPO) at $13.50 apiece, valuing the offering at $2.36 billion, two sources familiar with the matter said.

The price for the IPO of 175 million American depository shares (ADS) is at the top of the previously stated price range of $11.50 to $13.50 per share.

The sources could not be named because the information had not yet been made public.

Lufax did not immediately respond to a request for comment.

The IPO values Lufax as a whole at $32.9 billion, below the $39.4 billion in its last fundraising in late 2018, according to data provider PitchBook.

It is the second-largest U.S. IPO so far in 2020, after data warehouse company Snowflake Inc SNOW.N and excluding those of shell special purpose acquisition companies (SPACs). The IPO comes against the backdrop of whiplashing financial markets with the S&P 500 .SPX and the Dow hitting their lowest levels since late-September earlier in the week, as coronavirus cases surge globally and prospects grow of a contested U.S. presidential election.

Mortgage lender Caliber Home Loans Inc postponed its IPO on Wednesday, yet U.S. swimming pool supplies retailer Leslie’s Inc LESL.O priced its IPO on Wednesday at the top end of its target range.

Lufax postponed a Hong Kong listing slated for the first half of 2018 amid uncertainty over China’s consumer lending regulation.

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