By Joshua Franklin and Scott Murdoch
NEW YORK/SYDNEY (Reuters) - Ping An Insurance Co's (HK:2318) OneConnect Financial Technology (K:OCFT) is set to raise around $312 million (£243.18 million) in its U.S. initial public offering on Thursday, according to two people familiar with the matter.
OneConnect is selling around 31.2 million American depositary shares (ADS) at $10. Earlier this month, it had aimed to sell 36 million ADS at a price between $12 to $14 per share range but on Wednesday lowered its to $9 to $10 per share and set a goal of selling 26 million ADS.
A spokesman for OneConnect declined to comment. The sources requested anonymity as they were not authorized to speak about the deal.
The IPO valued OneConnect at around $3.7 billion, one of the sources said, well below its $7.5 billion valuation last year when it raised $750 million in its maiden funding round from investors including Japan's SoftBank Corp (T:9434) and Japanese financial firm SBI Group.
OneConnect had revenues of 1.55 billion yuan ($220.2 million) in the first nine months of 2019, up 72% from the year-ago period, but losses widened to 1 billion yuan from 579 million yuan.
In 2019, U.S. investors have been reluctant to back companies going public with large losses, and shares of money-losing companies like Uber Technologies Inc (N:UBER) and Lyft Inc (O:LYFT) have struggled since their IPOs.
OneConnect is due to begin trading on Friday on the New York Exchange under the symbol "OCFT".
Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) are among the main banks working on the IPO.