Online brokerage Webull is weighing a 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 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 and Up Fintech Holdings, the company behind Tiger Brokers, in pursuing a U.S. listing. Snowball Finance Beijing Internet Information Technology, an online financial information portal which counts Ant Group among its backers, is also mulling a U.S. IPO, Bloomberg News
Webull, founded by Alibaba 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
Wang left Alibaba to help run the finance unit at Chinese tech giant Xiaomi before setting up Webull’s parent company, Fumi Technology, in 2016. The firm
