(Reuters) - Shares of Jianpu Technology Inc (JT.N) rose as much as 3.8 percent in their U.S. market debut on Thursday, giving the Chinese online financial planning platform a market value of about $3.42 billion.
Jianpu’s initial public offering of 22.5 million American depository shares was priced at $8.00 per ADS - below its proposed range of $8.50 to $10.50 - and raised $180 million.
The market value of $3.42 billion was calculated based on 412.3 million ordinary shares outstanding. Jianpu’s two ADSs represent five Class A ordinary shares.
Beijing-based Jianpu’s shares opened at $8.25 and hit a high of $8.30 on the New York Stock Exchange.
The IPO is the latest in a recent flurry of New York listings by Asian companies and follows that of Chinese online micro-credit lender Qudian Inc (QD.N), which raised $900 million in the biggest U.S. listing by a Chinese company this year.
Jianpu, a unit of Chinese fintech company Rong360 Inc, generates revenue from fees for its recommendation services on loan products and credit card products.
Financial products and services are increasingly being made available on online platforms in China as the nation’s rapidly multiplying internet population has created demand for innovative business models.
Beijing-based Jianpu's net loss narrowed to 49.04 million yuan ($7.39 million) in the six months ended June 30, from 104.6 million yuan a year earlier. Its revenue jumped more than two-fold to 393.4 million yuan. (bit.ly/2ASH2D9)
Venture capital firms Sequoia Capital and Lightspeed China Partners are Jianpu’s major shareholders.
Goldman Sachs, JP Morgan and Morgan Stanley were among the top underwriters for the IPO.
($1 = 6.64 yuan)
Reporting by Roopal Verma and Nikhil Subba in Bengaluru; Editing by Maju Samuel