Ping An’s fintech spinoff, OneConnect, has floated in the US having raised $750m from investors including SoftBank Vision Fund and SBI last year.

OneConnect Financial Technology, a Singapore-based financial services platform developer formed by insurance group Ping An, has raised $312m in an initial public offering on the New York Stock Exchange.

The company issued 31.2 million American Depositary Shares (ADSs), each representing three ordinary shares, priced at $10.00. Its ADSs briefly peaked at $10.71 on their second day of trading on Friday, before closing back down at $10.00, giving it a market capitalisation of $3.61bn.

OneConnect was created as the financial…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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