Yirendai Ltd, the consumer finance arm of Chinese peer-to-peer (P2P) lender CreditEase, made a tepid U.S. market debut on Friday, with its shares trading around the offer price.

Yirendai’s initial public offering, the last one of the year on U.S. exchanges, raised $75 million after its American Depository Shares were priced at $10 each, the midpoint of the expected range of $9-$11.

The shares were trading at the IPO price after about 20 minutes, valuing the company at about $1.15 billion. The stock traded between $9.65 and $10.39.

Yirendai offers prime borrowers in China access to unsecured credit by connecting them to investors through its online marketplace, similar to the peer-to-peer model of U.S. lender LendingClub Corp, which went public late last year.

Beijing-based Yirendai is the first Chinese online P2P platform to be listed overseas.

The company, which has about 6.7 million registered users, says it facilitated $984 million of loans in the nine months ended Sept. 30, up from $41 million in all of 2013.

Revenue rose to $138 million in the first nine months of the year, from $13.1 million a year earlier. Net income was $30.8 million, compared with a year-earlier loss of $10.9 million.

CreditEase’s shareholders include Morgan Stanley’s Asia private equity arm, Kleiner Perkins Caufield & Byers, and IDG Capital Partners.

Yirendai founder and Executive Chairman Ning Tang committed to buy $30 million shares at the IPO price. Along with the IPO, the company sold $10 million of shares to Internet company Baidu Inc through a concurrent private placement.

Yirendai, founded in 2012, is growing rapidly by filling a demand for credit from individuals who find it difficult to obtain loans from traditional Chinese lenders.

However, China’s P2P industry – worth about $20.5 billion according to industry data provider Wangdaizhijia – has been overshadowed by reports of fraud in recent years.

Earlier this week, police said they had frozen and seized assets from Ezubao, the country’s largest P2P platform by loans, as part of an investigation.

According to iResearch data cited by Yirendai, China’s consumption loan balance to GDP ratio was 24.2 percent in 2014, compared with 77.5 percent for the United States, implying growth potential for China’s consumer finance market.

Morgan Stanley, Credit Suisse, Needham & Co and China Renaissance are among the underwriters of the IPO.

(Reporting by Shu Zhang in Beijing and Sruthi Shankar in Bengaluru; Editing by Ted Kerr)

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