Yirendai Ltd. raised $75 million in its initial public offering at $10.00 per share. Needham acted as a passive bookrunner on the transaction. The net proceeds from the sale of the shares will be used by Yirendai Ltd. for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditures, improvement of corporate facilities and other general and administrative matters. The company may also use a portion of these proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement the company’s business.
Yirendai (NYSE: YRD) is a leading online consumer finance marketplace in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns.