Founded in 2014, unicorn Ping An Good Doctor is set to launch one of the largest IPOs in Hong Kong.
A subsidiary of health insurance company China Ping An Group, the app provides essential health services and information to over 190mn users, where the use of consumer-related health apps is clearly becoming a booming market.
A network of healthcare providers, encompassing hospitals and medical facilities, such as dental clinics, pharmacies and health centres have also embraced the app.
The company has started to take orders, with the aim of raising up to $1.12bn from the sale of over 150mn shares and will start trading on the stock market next month.
At present, brokers have extended over $20.3bn in margin loans to retail clients who want to grab a slice of the market, South China Morning Post has reported. The IPO has also become one of the largest flotations by an internet-based company ever.
The IPO will enable the company to expand its business acumen within domestic and overseas markets.
“It’s possible Good Doctor can attract more investor capital [than China Literature], as there were several hot IPOs at the end of last year which had diluted retail interest,” commented Edmond Hui, chief executive at Hong Kong-based Bright Smart Securities.
Sponsored by Citigroup Inc and JP Morgan Chase & Co, Good Doctor has also bought on board over five cornerstone investors, such as BlackRock Inc and Canada Pension Plan Investment Board.