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Chinese microlender LexinFintech trims IPO size

Chinese online consumer finance platform LexinFintech Holdings Ltd. cut the size of its planned U.S. IPO to raise up to US$151.8 million.

LexinFintech now plans to offer 12 million American depositary shares at between US$9 and US$11 apiece. It expects to receive up to US$122.3 million in net proceeds if the underwriters exercise their overallotment option in full, after deducting underwriting discounts and estimated offering expenses.

The company had proposed an initial maximum aggregate offering size of US$500 million when it filed for an IPO in November, which it noted was calculated solely to determine the registration fee.

The move follows a crackdown on microlenders by Chinese authorities, which has seen other Chinese microlenders listed in New York, including Qudian Inc. and PPDAI Group Inc., take a hit to their share price.

Beijing instructed provincial-level governments to suspend regulatory approval for establishment of new online microlenders, as well as to restrict granting new approvals for these companies to lend across regions, Reuters reported in November.