Coaxial cables connect to a computer server unit inside a communications room at an office in London, UK, on May 15, 2017. (PHOTO / BLOOMBERG)

Chinese financial technology firm Lufax Holding Ltd. raised US$2.4 billion in a US initial public offering priced at the top of an indicative range, just days after US stocks suffered their biggest drop since June.

The company sold 175 million American depositary shares for US$13.50 each, it said in a statement Friday. The amount raised makes Lufax’s offering one of the biggest IPOs by a Chinese company in the US this year.

Lufax, which is backed by China’s largest insurer by market value, Ping An Insurance Group Co, marketed its American depositary shares for US$11.50 to US$13.50 each

Lufax, which is backed by China’s largest insurer by market value, Ping An Insurance Group Co, marketed its American depositary shares for US$11.50 to US$13.50 each. Two ADS represent one ordinary share.

The IPO coincides with a week of significant volatility. The S&P 500 Index suffered its worst rout in four months on Wednesday amid worries about the economic hit of the pandemic. On Thursday US stocks bounced back, with investors encouraged by better-than-forecast economic data. The S&P 500 gained 1.2 percent, the most since Oct 12.

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Lufax, which was once among China’s largest peer-to-peer lenders, has morphed into a financial giant offering wealth management and retail lending services. At US$13.50 a share, it would be valued at US$33 billion based on the outstanding shares listed in its prospectus.

Chinese authorities launched a sweeping crackdown on the unruly P2P sector three years ago, forcing the company to transform its business. Its assets under management dropped by 6.1 percent in 2019 due to “asset portfolio adjustment and restrictions on consumer finance products,” Ping An said in February. Wealth management transaction volumes fell by almost 30 percent.

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Lufax is going public at the same time as fintech behemoth Ant Group Co, which is set to raise US$34.5 billion in listings in Shanghai and the Hong Kong Special Administrative Region, making it the world’s biggest IPO on record.

Lufax plans to use the funds from the IPO for purposes which may include investment in product development, sales and marketing activities, technology infrastructure, acquisitions or investments, according to a preliminary prospectus.

Goldman Sachs Group Inc, Bank of America Corp, UBS Group AG, HSBC Holdings Plc and China PA Securities Co. are leading Lufax’s offering. Its shares are expected to begin trading Friday on the New York Stock Exchange under the symbol LU.