Ping An Good Doctor, a Chinese healthcare and technology company, has raised HK$8.77bn (US$1.1bn) in the largest Hong Kong initial public offering this year, the first in a string of large tech listings set to come to the market this year.
The company’s IPO was 600 times subscribed and priced at the top end of the HK$50.80-HK$54.80 range in an offering of 160m shares, valuing the company at around US$7.5bn, according to people close to the deal. Shares are set to start trading next Friday.
One banker said the “huge” level of demand from retail investors meant their portion of the offering was increased from 6.5 per cent to 25 per cent.