Tencent-backed insurance platform Waterdrop targets US$360 million US listing
- Beijing-based online insurance platform Waterdrop kicks off marketing for its US listing, targeting US$360 million
- Private equity firms including Boyu Capital, Hopu Investments, have indicated interest in investing at least a combined US$210 million in the deal
Waterdrop, the online insurance and medical crowdfunding platform backed by Tencent, has started marketing its initial public offering (IPO) of up to US$360 million on the New York Stock Exchange.
The Beijing-based firm is selling 30 million American depositary shares (ADS) in a range of US$10 to US$12 each, according to a term sheet seen by the Post. Each ADS represents 10 ordinary shares.
Waterdrop has an option to sell up to 4.5 million more shares if there is strong demand. Joint book-runners on the deal include Goldman Sachs, Morgan Stanley and Bank of America.
Waterdrop has secured indications of interest from both existing and new investors, which together seek to buy at least US$210 million worth of ADS, or about 63.6 per cent of the global offering. They include affiliates of Chinese private equity firms Boyu Capital and Hopu Investments. Tencent owns about 22.1 per cent of the firm and will be diluted during the listing.
