HONG KONG (Reuters) - Ping An Healthcare and Technology Co Ltd, a unit of Ping An Insurance (Group) Co of China Ltd (2318.HK) (601318.SS), plans to raise up to HK$8.77 billion ($1.1 billion) in a Hong Kong initial public offering to help expand its e-commerce business.
The unit, also known as Ping An Good Doctor, plans to sell a total of 160.09 million shares at up to HK$54.80 apiece, it said in a filing to the Hong Kong bourse on Monday.
In January, Reuters reported that Ping An Insurance had raised nearly $1 billion for a medical data collection and analysis business ahead of a Hong Kong IPO.
The price will be fixed on April 26 and dealing in the shares is expected to begin on May 4.
Citi and J.P. Morgan are the joint global coordinators and joint bookrunners of the issue.
Ping An Healthcare was close to securing cornerstone investors for its IPO, including Singapore’s sovereign wealth fund GIC, Malaysia’s sovereign wealth fund Khazanah Nasional, and U.S. asset manager BlackRock, Reuters’ publication IFR reported, citing people familiar with the situation.
Ping An Healthcare, in which Ping An Insurance will hold 39.27 percent on completion of the global offering, delivers on-demand healthcare through its mobile platform, including online family doctors, healthcare and health mall services.
It has established a nationwide network of healthcare service providers covering 3,100 hospitals, 1,100 health check-up centres, 500 dental clinics and 7,500 pharmacy outlets.
Underlying strong demand for the issue has provided solid support to the Hong Kong dollar, pushing the currency up to 7.8425 per U.S. dollar, its strongest in five weeks.
Reporting by Donny Kwok; Editing by Stephen Coates