Online health platform opens HK IPO
Print Edition
PING An Healthcare and Technology Company, also known as Ping An Good Doctor, launched its initial public offering in Hong Kong yesterday to raise as much as 8.77 billion yuan (US$1.39 billion).
The company, a health care unit of the Ping An Group, plans to sell around 160 million shares to global investors over four days from yesterday at between HK$50.8 (US$6.47) to HK$54.8 per share.
Ping An Good Doctor estimates it will raise up to HK$8.25 billion if the shares are sold at the median price of HK$52.8.
If priced at the top, it might become Hong Kong’s largest floatation since the IPO of Zhong An Online Property & Casualty Co last September, according to SCMP’s report.
The online health service platform said that 40 percent of the net proceeds will be used to expand its business while around one third of the money will fund investments and acquisitions.
Around one fifth of the proceeds will go to research and development, with the remaining 10 percent being allocated for working capital and general corporate purposes, according to the company’s prospectus.
The shares will be listed on May 4 in Hong Kong, the prospectus said.
Seven cornerstone investors may together invest HK$4.31 billion for a stake in the company, according to the prospectus.
They are Blackrock Funds, Capital Research and Management Company Funds, Singapore sovereign wealth fund GIC Private Ltd, Canada Pension Plan Investment Board, Malaysian government investment fund Pantai Juara Investments Ltd, CT Bright Holdings, the investment arm of Thailand’s CP Pokphand, and Swiss Re Direct Investments Company.
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