Lufax stock indicated to open below IPO price, as China-based lender raised $2.4 billion

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Lufax Holding Ltd. said Friday it initial public offering priced at $13.50, as the China-based online lender small businesses and salaried workers raised $2.36 billion. The pricing was that the top of the expected range of between $11.50 to $13.50. The stock is currently indicated to open on the NYSE at around $12.00 to $13.00, or 11% to 3.7% below the IPO price. Goldman Sachs, BofA Securities, UBS Securities, HSBC Securities and China PA Securities are the joint bookrunners of the IPO. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 17.8% over the past three months, while the iShares MSCI China ETF has gained 8.4% and the S&P 500 has edged up 0.2%.
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