TCS - OneConnect Financial Files For U.S. IPO Amid Steep Losses
Quick Take
OneConnect (OCFT) has filed to raise gross proceeds of $100 million from a U.S. IPO, according to an F-1 registration statement.
The firm provides a Software-as-a-Service platform to financial institutions in China and overseas.
OCFT is seeking public investment but is producing high and increasing operating losses and cash burn, a difficult sell in the current U.S. IPO environment.
Company & Technology
Shenzhen, China-based OneConnect Financial, a Ping An spin-off founded in 2015, has developed and provides a SaaS financial technology platform to banking service, insurance providers.
Management is headed