After Pricing Below Range, Uxin Sees Gains During Most Active U.S. IPO Week Since 2015

Yesterday, Chinese used car sales platform Uxin went public. The company’s debut, however, wasn’t perfect: The firm priced its shares at $9 apiece, under its expected $10.50 to $12.50 range.

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At that price, Uxin raised $225 million by selling 25 million shares in its flotation. In calculating Uxin’s valuation, the company’s filing lists the “ordinary shares outstanding immediately after this offering” as 877,180,394. The filing also states “[e]ach ADS represents three Class A ordinary shares, par value US$0.0001 per share.” Taking that into consideration, the company’s loose valuation comes out to about $2.63 billion by our math, which matches other reporting.

The company’s equity opened trading at $10.40 yesterday before closing at $9.67. At that closing price, the firm’s shares wrapped their first day of trading up 7.4 percent.

At the time of writing firm is up around a point in regular trading.

The company’s disappointing IPO pricing, and relatively slack first day performance is in line with other China-based and domestic IPOs that have listed on the US exchanges. Among them, wearables-focused company Huami, which went public in February, priced at the middle of its expected range and ended its first day up 2.27 percent.

Uxin’s second day of trading begins as U.S. based insurance marketplace EverQuote priced above its expected range at $18, raising $84 million in its own Nasdaq IPO. The company opened trading today up 14.4 percent at $20.59.

The public markets have heated up in Q2, and this week was reportedly the busiest week of IPOs since 2015. That’s good for us here at Crunchbase News where it comes as no surprise that we quite enjoy diving into the weeds of SEC filings.

Illustration Credit: Li Anne Dias

Editorial Note: Reporting contributed by Savannah Dowling and Celia Wan. 

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