China's OneConnect Financial Technology Co. Ltd. priced its IPO of 31.2 million American depositary shares at $10 per ADS.

Each ADS represents 3 ordinary shares of OneConnect Financial. The company is expected to raise gross proceeds of about US$358.8 million if the underwriters exercise their overallotment option to buy up to an additional 4,680,000 shares in full, according to a Dec. 12 release.

OneConnect Financial's shares are scheduled to be listed on the New York Stock Exchange, with trading to begin Dec. 13 under the symbol OCFT. The offering is expected to close Dec. 17, subject to customary closing conditions.

Morgan Stanley & Co. LLC, Goldman Sachs (Asia) LLC, J.P. Morgan Securities LLC and Ping An of China Securities (Hong Kong) Co. Ltd. are acting as active joint book runners and as representatives of the underwriters. BofA Securities Inc. and HSBC Securities (USA) Inc. are acting as passive joint book runners and representatives of the underwriters. CLSA Ltd. and KeyBanc Capital Markets Inc. are acting as co-managers for the IPO.

The financial technology unit of Ping An Insurance (Group) Co. of China Ltd. previously revised the indicative price range for the IPO to between US$9 per share to US$10 per share from its initial range of US$12 per share to US$14 per share. The company also cut the offering size to 26 million ADSs from 36 million ADSs, excluding the overallotment options.