This screenshot taken on Sept 18, 2020 shows the website of JD Health.
JD Health International Inc raised HK$27 billion (US$3.5 billion) after pricing Asia’s biggest health-care initial public offering at the top end of a marketed range.
The unit of Chinese mainland e-commerce operator JD.com Inc priced its sale of 381.9 million shares at HK$70.58 apiece, according to terms for the deal obtained by Bloomberg. The company is due to start trading in the Hong Kong Special Administrative Region on Dec 8.
The IPO is also the largest of this year’s first-time share sales in the HKSAR, excluding the second listing by JD Health’s parent company in June, according to data compiled by Bloomberg. It values the medical unit at US$28.5 billion, according to the terms.
The unit of Chinese mainland e-commerce operator JD.com Inc priced its sale of 381.9 million shares at HK$70.58 apiece, according to the terms for the deal obtained by Bloomberg
The offering also surpasses the US$2.3 billion share sale by Japan’s Otsuka Holdings Co a decade ago to become Asia’s biggest listing in the health-care sector, the data show. The medical industry has seen a record wave of listings in Asia this year, spurred by strong investor demand amid the coronavirus pandemic.
JD Health is the largest online health-care platform and online pharmacy by revenue in the mainland, according to its prospectus. The company recorded revenues of 8.8 billion yuan (US$1.34 billion) in the first half of this year, up from 5 billion yuan in the same period a year earlier.
The company brought in six cornerstone investors for its IPO who agreed to subscribe for as much as US$1.35 billion of stock, including Singapore sovereign wealth fund GIC Pte, Hillhouse Capital and BlackRock Inc.
The company was marketing the shares at HK$62.80 to HK$70.58 each. Bank of America Corp, Haitong International Securities Group Ltd and UBS Group AG are joint sponsors for JD Health’s IPO.
Copyright 1995 - 2024. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
HONG KONG NEWS