Online Broker Webull Considers $400 Million U.S. IPO
(Bloomberg) -- Online brokerage Webull is weighing an U.S. initial public offering that could raise about $300 million to $400 million, according to people with knowledge of the matter.
The Changsha, Hunan-based company is working with Goldman Sachs Group Inc. to prepare for the share sale, which could take place as soon as this year, said the people, who asked not to be identified as the information is private.
Considerations are at an early stage and details including size and timeline could change, the people said. A representative for Webull said the information about their IPO plans isn’t true without elaboration, while a representative for Goldman Sachs declined to comment.
The Chinese brokerage could follow its peers including Futu Holdings Ltd. and Up Fintech Holdings Ltd., the company behind Tiger Brokers, in pursuing a U.S. listing. Snowball Finance Beijing Internet Information Technology Co., an online financial information portal which counts Ant Group Co. among its backers, is also mulling a U.S. IPO, Bloomberg News reported last month.
Webull, founded by Alibaba Group Holding Ltd. alum Wang Anquan, runs one of the fastest-growing retail trading platforms in the U.S. It doesn’t charge trading commissions and offers free real-time stock quotes, according to its website.
Wang left Alibaba to help run the finance unit at Chinese tech giant Xiaomi Corp. before setting up Webull’s parent company, Fumi Technology, in 2016. The firm raised $150 million in a funding round that values it at more than $1 billion, Bloomberg News reported in February.
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