Chinese insurance broker Yuanbao is targeting a valuation of up to $676.3m (4.93bn yuan) in its US initial public offering (IPO), reported Reuters.  

The company intends to raise up to $30m by offering nearly two million American depositary shares (ADSs) priced between $13 and $15 each. 

In conjunction with the IPO, existing principal shareholders have indicated interest in purchasing up to $17m worth of ADSs.  

Additionally, China-based Qiming Venture Partners has agreed to a concurrent private placement of $1m in Yuanbao shares. 

Yuanbao’s full-year revenue climbed to 3.28bn yuan in 2024, up from 2.05bn yuan in the preceding year. 

The company filed for the IPO with the US Securities and Exchange Commission in September last year, seeking to list ADSs on the Nasdaq Stock Market under the ticker symbol ‘YB’. 

The underwriting for the IPO is being managed by Goldman Sachs (Asia), Citigroup Global Markets and China International Capital Corporation Hong Kong Securities. 

Kirkland & Ellis International is advising Yuanbao on legal matters pertaining to US federal securities and New York State law, while the underwriters are being advised by Latham & Watkins. 

The company operates through its subsidiary in mainland China, Yuanbao Kechuang (Beijing) Technology, and through contractual arrangements with its variable interest entity Yuanbao Shuke (Beijing) Technology and its subsidiaries. 

As of 30 June 2024, the company has more than 4,400 models supporting functions such as product recommendation, policy administration, claims processing and customer service. 

Its engine integrates predictive analytics through a network of interconnected models to inform decisions across channels, customer groups and product lines, the company said in IPO filing.