SoftBank-backed OneConnect downsizes IPO by 28%, lowers target valuation

SoftBank-backed OneConnect downsizes IPO by 28%, lowers target valuation

Ping An Insurance’s OneConnect Financial Technology on Wednesday downsized its planned U.S. initial public offering by 28% and lowered its target valuation, dealing yet another blow to its investor SoftBank, which is still reeling from the fallout of WeWork’s failed listing.

OneConnect set a price range of $9 to $10 per share for its initial public offering of 26 million shares, down from the $12 to $14 per share range it had set earlier.

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