PE-backed Juxin Leasing files for A-share IPO
Juxin International Leasing, a Chinese specialty leasing company backed by two PE investors, has filed a Shanghai IPO that could be worth up to RMB1.25 billion ($204 million).
Juxin's preliminary prospectus indicates that it will sell up to 100 million shares, including new shares and those hold by existing shareholders. The IPO terms have yet to be announced.
China New Enterprises Investment (CNEI) invested $36.3 million across two rounds of funding - $20 million in December 2012 and $16.3 million in January this year - for a 19.08% stake in the company. Goldstone Investment, the direct investment arm of China's CITIC Securities, owns about 12% after injecting $60.5 million.
Headquartered in Shanghai, Juxin provides financing leasing services to customers in the education sector, predominantly tailored solutions for public higher education institutes. Its leasing product scope includes IT and engineering systems and laboratory and vocational training equipment.
The company posted a profit of RMB124 million last year, up from RMB86 million in 2012. Its revenue rose from RMB263 million in 2012 to RMB344 million in 2013.
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