Consumer finance lender Home Credit to file for IPO in Hong Kong
Jul 16, 2019 (China Knowledge) - Home Credit plans to go public in Hong Kong later this year. The China market accounts for about 64% of its outstanding loans at the end of March, which makes it the consumer finance lender's biggest market.
The company did not disclose the size of its IPO. However, according to insiders familiar with the offering, Home Credit is looking to raise USD 1 bln. This may potentially be one of the biggest IPOs in Hong Kong this year. So far, the largest IPO in Hong Kong this year was made by China's oldest brokerage Shenwan Hongyuan by raising USD 1.2 bln.
Citigroup, HSBC and Morgan Stanley are joint sponsors for Home Credit's listing in Hong Kong.
Home Credit's application for IPO came 2 days after Beer giant Anheuser-Busch InBev NV (AB InBev) scrapped its plan of listing its Asia-Pacific business in Hong Kong. AB InBev had intended to raise about USD 9.8 bln, which would have been the world's largest IPO in 2019.
Home credit, founded in 1997, lays its emphasis on consumer lending in 9 emerging markets in Europe and Asia, including China, India, the Philippines and Russia. In 2007, the company entered the Chinese market.
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