Weidai, a peer-to-peer lending firm, is one of such companies, go public back in November of 2018 with estimates that saw the company’s IPO collecting 699 million dollars.
It’s been only two quarters since Weidai officially became publicly traded company back in November 2018. The company was valued at 699 million dollars for their IPO, but ended up collecting 45 million dollars for their initial public offer, while Weidai started their first trade at the price of 10$ per share.
The company is dealing with Chinese borrowers who can leverage their cars in form of collateral in order to get connected by Weidai with peer lenders as well as institutional lenders who are a part of Weidai ecosystem.
The company is collecting profits through commission, while it appears that the market has gone more favorable in terms of investing in WEI shares at the beginning of Q2 2019.
Although Weidai didn’t live up to expectations in terms of reaching the valuation for their IPO, the company went public in 2018, joining the IPO boom, while it appears that WEI shares are doing even better in 2019.
As April 2019 begins, Weidai shares are climbing by 1.79%, while WEI is looking to break the resistance of 11.56$ and reach the price of 12$, marking 10% of rise since November 2018.
Weidai IPO 2018 Earnings
According to the news of capitalwatch: the stock of Weidai Ltd. (NYSE: WEI) was trading up nearly 2 percent early Wednesday, at $11.69 per American depositary share on strong revenue and income the company reported for the full year.
The Hangzhou-based company, an auto-secured financing platform, said in a statement Tuesday evening that its revenue in 2018 grew 10 percent year-over-year to $569.2 million. Its net income, meanwhile, jumped 27 percent to $87.9 million.
For the three months through December, Weidai reported revenue of $144.5 million, down 4 percent from the third quarter, and income of $15.8 million, 41 percent lower from the three months through September.
Weidai completed its initial public offering in November, raising $45 million for 4.5 million of its ADSs. Following the offering, the underwriters exercised their over-allotment option and purchased an additional 456,427 shares, bringing the total amount raised to $50 million.
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