FINANCIAL SERVICES | Staff Reporter, Hong Kong

Chinese online healthcare platform starts US$1.1b IPO preparations

Ping An Good Doctor will offer 160 million shares priced between $50.80 to $54.80 apiece.

Bloomberg reports that Chinese online healthcare platform Ping An Good Doctor will start taking investors’ orders for an IPO that could raise as much as $8.8b (US$1.1b).

The subsidiary of Ping An Insurance Group, the country’s largest insurer by market value, plans to offer about 160 million shares at $50.80 to $54.80 apiece, according to a deal prospectus. It will take orders through April 36 and targets trading by May 4.

Citigroup Inc. and JPMorgan Chase & Co. are joint sponsors for the offering.

BlackRock Inc. and Singaporean sovereign wealth fund GIC Pte are amongst investors that committed to invest a total of about $550m as cornerstone investors whilst Malaysian sovereign wealth fund Khazanah Nasional Bhd., the Canada Pension Plan Investment Board, Swiss Re AG, U.S. asset manager Capital Group Cos. and a unit of Thailand’s CP Group each committed to buy between $50m and $100m of shares each, the prospectus shows.

Here’s more from Bloomberg:  

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