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Photographer: Billy HC Kwok / Bloomberg
Photographer: Billy HC Kwok / Bloomberg
JD Health International Inc. is looking to raise as much as $ 3.5 billion in its Hong Kong IPO on what would be Asia’s largest health care list on record.
The healthcare unit of China’s No. 2 e-commerce giant JD.com Inc. is selling 381.9 million shares at between HK $ 62.8 and HK $ 70.58 each, under the terms of the deal. Obtained by Bloomberg News. The price range values JD Health at $ 25.3 billion to $ 28.5 billion.
JD Health secured six key investors for its IPO who agreed to subscribe for up to $ 1.35 billion in shares, including Singaporean sovereign wealth fund GIC Pte, Hillhouse Capital and BlackRock.
The planned initial public offering will surpass the $ 2.3 billion offering by Japan’s Ostuka Holdings Co. a decade ago as Asia’s highest listing in the sector, according to data compiled by Bloomberg. The healthcare and pharmaceutical sectors have seen a record wave of quotes in Asia this year, driven by strong demand from investors amid the coronavirus pandemic.
JD Health is the largest online healthcare platform and online retail pharmacy by revenue in China, according to its user information. The company posted revenue of 8.8 billion yuan ($ 1.33 billion) in the first half of this year, up from 5 billion yuan the previous year.
JD itself completed a secondary listing in Hong Kong earlier this year in which it raised $ 4.5 billion in what is the city’s largest first-time share sale this year. The e-commerce giant is also considering listing its logistics business next year, Bloomberg News. reported Tuesday.
Bank of America Corp., Haitong International and UBS Group AG are joint sponsors of the JD Health IPO. The company plans to price the offer on December 1 and publish it on December 8.
(Updates with financial information in the fifth paragraph)
