Qudian (QD) IPO Opens 43% Higher

Today's IPO for Qudian (NYSE: QD) opened for trading at $34.35 after pricing 37,500,000 American depositary shares at a price to the public of $24 per ADS, above the expected $19-$22 range.

In addition, the selling shareholders have granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 5,625,000 additional ADSs to cover over-allotments.

Morgan Stanley & Co. International plc, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., China International Capital Corporation Hong Kong Securities Limited and UBS Securities LLC are acting as lead bookrunners for the offering, while Stifel, Nicolaus and Company, Incorporated, Needham & Company, LLC and Nomura Securities International, Inc. are acting as co-managers.

Qudian Inc. is a leading provider of online small consumer credit in China. The Company uses big data-enabled technologies, such as artificial intelligence and machine learning, to transform the consumer finance experience in China. With the mission to use technology to make personalized credit accessible, Qudian targets hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending, but are underserved by traditional financial institutions due to lack of traditional credit data and operational inefficiencies of traditional financial institutions. Qudian's data technology capabilities combined with its operating efficiencies allow the Company to understand prospective borrowers from different behavioral and transactional perspectives, assess their credit profiles with regard to both their willingness and ability to repay and offer them instantaneous and affordable credit products with customized terms, and distinguish Qudian's business and offerings.

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