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OneConnect planning November listing: Reuters
Posted on Friday, 20 September 2019 08:59
The OneConnect Financial Technology unit of Ping An Insurance intends to go public in November this year, according to Reuters. A person with knowledge of the matter told the news provider that this could still change, subject to market conditions and investors’ reactions to the news. None of the companies involved have commented on the report. This is not the first time the group’s planned initial public offering (IPO) date has changed; the flotation was first reported back in March 2018, when people in the know told Bloomberg the firm was preparing to list in Hong Kong and could raise as much as USD 3.00 billion in the process. At the time, the group said it could complete the move as soon as September 2018. However, in February of this year, Bloomberg stated that closing was likely to occur in the second half of 2019, and in May, people with knowledge of the situation told Reuters that Goldman Sachs, JPMorgan and Morgan Stanley had been appointed to advise on the process. One of the most significant developments came in June 2019, when the news provider cited three sources in the know as saying that Ping An was leaning towards selecting New York as its listing destination, rather than Hong Kong, as had been initially planned. The report suggested that the firm thought it was likely to command a higher valuation by floating in the US. OneConnect’s investors include SoftBank, IDG Ventures Management and SBI Holdings, all of whom participated in its USD 650.00 million Series A funding round, which closed in February 2018. Of the 91 IPOs announced by data processing, hosting and related services providers since the start of 2019, the most valuable was by a German company, according to Zephyr, the M&A database published by Bureau van Dijk. That deal saw online desktop sharing and collaboration platform operator TeamViewer unveiling plans to raise USD 1.82 billion through a flotation on the Frankfurt Stock Exchange in September. © Zephus Ltd