Ping An Insurance’s upcoming listing of its Good Doctor platform has attracted several major investors, including the sovereign wealth funds of Singapore and Malaysia.
GIC of Singapore and Khazanah Nasional Bhd of Malaysia are among those looking to invest in Good Doctor’s Hong Kong IPO, which could raise up to US$1.1 billion.
The online healthcare service will offer around 160 million shares from HKD50.80 to HKD54.80 each. Ping An Insurance will take investor orders until April 26, according to a report by the Business Times.
Seven cornerstone investors have expressed interest in buying around US$550 million worth of shares in Good Doctor. BlackRock will invest around US$125 million, while GIC and the Canada Pension Plan Investment Board will invest US$100 million each.
The other cornerstone investors include Khazanah, Swiss Re AG, US-based asset manager Capital Group Cos and Thailand’s CP Group. These investors have agreed to keep their holdings for six months in exchange for early, guaranteed allocations, the report said.
Ping An’s stock price has risen over 90% in the past 12 months, placing its value at US$188 billion. It is preparing to list its various technology units, with its OneConnect financial management portal having picked banks for a Hong Kong IPO projected to raise up to US$3 billion, sources said in March.
