Ping An Good Doctor aims $1.1bn HK IPO

Bloomberg

Chinese online healthcare platform Ping An Good Doctor, a unit of the country’s biggest insurer by market value, will start taking investors’ orders for a Hong Kong initial public offering that could raise as much as HK$8.8 billion ($1.1 billion).
The Ping An Insurance (Group) Co. subsidiary is offering about 160 million shares at HK$50.80 to HK$54.80 apiece, according to a deal prospectus handed out at a press conference. The company will take orders from investors through April 26 and aims to begin trading on May 4, the prospectus shows.
Ping An Insurance’s technology units, including the OneConnect financial management portal, have been raising capital ahead of planned listings this year. OneConnect picked advisers for a Hong Kong IPO of as much as $3 billion, people familiar with the matter said in March.
Ping An Good Doctor is also among subsidiaries of the insurer that raised a combined $2.2 billion of funding earlier this year, the Hong Kong-listed firm said in February.
Citigroup Inc. and JPMorgan Chase & Co. are joint sponsors for the offering, the prospectus shows. Ping An Good Doctor is formally known as Ping An HealthCare and Technology Co.
BlackRock Inc. and Singaporean sovereign wealth fund GIC Pte are among investors that committed to invest a total of about $550 million as cornerstone investors, according to the prospectus. Malaysian sovereign wealth fund Khazanah Nasional Bhd., the Canada Pension Plan Investment Board, Swiss Re AG, US asset manager Capital Group Cos. and a unit of Thailand’s CP Group each committed to buy between $50 million and $100 million of shares each, the prospectus shows.