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22 December 2017 By Alec Macfarlane Follow @AlecMac11

LexinFintech slashed the size of its IPO and priced the deal at the low end, amid a crackdown on online lending. That was enough to get the flotation away and spark a healthy first-day rise of nearly 20 pct. The $1.7 bln firm now has a chance to grow into a higher valuation.

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Shares in Chinese online lender LexinFintech rose sharply in their U.S. market debut on Dec. 21 following its initial public offering.

The Shenzhen-based firm’s stock closed at $10.70, 18.9 percent higher than its IPO price.

LexinFintech had cut the size of its offering, raising just $108 million, from an initial goal of raising up to $500 million. The decision to pare back the listing followed China’s unveiling of tougher rules on consumer web lenders.

The company sold 12 million shares at the bottom of an indicative price range of $9 to $11.

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