Ping An Good Doctor’s US$1.12b IPO set to reignite Hong Kong listings market
Company plans to sell 160.094 million shares at an indicative price range of US$6.48-6.99. Retail investors to be offered 6.5pc, or 10.4 million shares
Ping An Healthcare and Technology Company, also known as Ping An Good Doctor, has launched its highly anticipated Hong Kong initial public offering (IPO) which aims to raise as much as HK$8.77 billion (US$1.12 billion) in what could become the city’s biggest flotation by an internet-based business since ZhongAn Online’s blockbuster IPO last September.
The listing, which has already triggered an increase in Hong Kong’s liquidity demand, is expected to ignite investor enthusiasm and become the catalyst for a strong potential pipeline of blockbuster new-economy IPOs this year, including star names such as Xiaomi and Ant Financial.
Proposed tech listing rule changes, set to be revealed on Tuesday, are also expected to facilitate a rash of dual-class share listings by tech and biotech companies that have yet to make profits.
“We want to use the [IPO] proceeds to expand our business, and fund future domestic and overseas acquisitions,” said Wang Tao, the medical service app’s chairman and chief executive officer, on Sunday in Hong Kong.
The company plans to sell 160.094 million shares at an indicative price range of HK$50.8-$54.8 (US$6.48-6.99) per share, raising between HK$8.13 billion and HK$8.77 billion – which would be the city’s most valuable this year.
If priced at the top, it could also become the largest flotation by an internet business since ZhongAn Online Property & Casualty Insurance raised HK$11.9 billion last September, in Hong Kong’s biggest fintech listing ever.
