Ping An’s Good Doctor healthcare app recently raised $1.12bn via its HK IPO. Bloomberg reports the offering is about 160 million shares at HK$50.80 to HK$54.80 a piece. Citigroup and JPMorgan are the joint global coordinators and joint bookrunners of the issue.
The platform delivers healthcare services such as online family doctors and health mall services through its mobile platform. It has a nationwide network of healthcare service providers that boasts 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.
The company secured seven investors including Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board and U.S. asset manager BlackRock. The proceeds from the IPO are expected to be used to fund strategic alliances and acquisitions, as well as research.