Chinese online insurance technology firm Waterdrop Inc has raised $360 million by pricing its shares at $12 a piece in its New York initial public offering (IPO), according to two sources with direct knowledge of the matter.

The company, which is backed by Tencent Holdings Ltd , had flagged in a securities filing it would sell 30 million American Depository Shares (ADS) at $10 to $12 each, which means the finalized price is at the top end of the indicated range.

The pricing of the IPO at the top end showed investors overlooked regulatory scrutiny of the fintech sector currently underway in China and some concerns on whether the IPO will even go ahead, said one of the sources.

Waterdrop did not immediately respond to a request for comment. The sources could not be named as the information was not yet made public.

The listing comes despite Waterdrop initially facing strong regulatory pushback on the IPO going ahead, Reuters reported in April quoting sources.

At the time, Waterdrop denied that Chinese regulators were opposed to its capital markets plan, adding that its senior managers were in regular communication with regulators.

Waterdrop will start trading on the New York Stock Exchange on Friday.

The IPO has a so-called greenshoe option for a further 4.5 million shares to be sold, which could raise an extra $54 million, according to the issue’s term sheet.

Cornerstone investors subscribed for $210 million worth of stock with Boyu Capital, one of the company’s existing major shareholders, taking $100 million in the deal already.

Topics New York InsurTech Tech China Funding