Ping An Good Doctor IPO massively oversubscribed as investors look to back the Chinese online-to-offline Healthcare service platform

April 20, 2018

 

Retail investors will soon get a chance to buy into another hot IPO as Ping An Good Doctor starts book building on Monday as it aims to raise up to HK$8.77 billion from its public offering.

 

About HK$35 billion worth of margin financing has already been booked by enthusiastic investors. The amount is said to be equivalent to over 60 times oversubscription of the retail tranche of the upcoming hot IPO.

 

Ping An Good Doctor provides an online-to-offline healthcare service platform and is a spin-off from Ping An Insurance (Group) Company of China (2318). It is tipped to price its IPO at between HK$50.80 and HK$54.80 per share. One board lot of 100 shares costs a minimum investment of HK$5535.

 

Good Doctor has reportedly tapped seven cornerstone investors, including the Government of Singapore Investment Corp, Khazanah Nasional and Blackstone Group.

 

It plans to issue 160 million shares, of which only 6.5 percent will be earmarked for public offering. Trading of its shares is on May 4.

 

 

Meanwhile, Grail, the cancer-detection start-up backed by the world's two richest men, is seeking to raise about US$1 billion (HK$7.8 billion) to boost growth ahead of its planned initial public offering in Hong Kong, according to people familiar with the matter.

 

The company, whose investors include Tencent Holdings (0700), Microsoft Corp. co-founder Bill Gates and the personal venture fund of Amazon.com founder Jeff Bezos, is working with advisers on the new funding round, said the people, who asked not to be identified. A final decision hasn't been made on the funding round, which is at a preliminary stage, and its timing and size could still change, the people said.

 

Grail spokeswoman Charlotte Arnold said the firm doesn't comment on market speculation or its financing plans.

 

Grail is planning an IPO in Hong Kong this year, people with knowledge of the matter have said.

 

Its goal is to create a "pan-cancer" screening test that can diagnose people at a very early stage even when they have no symptoms, according to a 2016 interview with Jay Flatley, Illumina's chief executive officer at the time.

 

Grail earlier said its first product, a screening test for nasopharyngeal cancer, a type of cancer prevalent in Southeast Asia and southern China, would be launched this year.

 

 

Source : http://www.thestandard.com.hk/section-news.php?id=194944&sid=17

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