JD Health International is looking to raise US$3.5 billion in its Hong Kong initial public offering in what would be Asia’s biggest health care listing on record, Bloomberg reports. The price range values JD Health at US$25.3 billion to US$28.5 billion. JD Health secured six cornerstone investors for its IPO who agreed to subscribed for as much as US$1.35 billion of stock, including Singapore sovereign wealth fund GIC Pte, Hillhouse Capital and BlackRock. JD Health is the largest online health care platform and online retail pharmacy by revenue in China, according to its prospectus. The company recorded revenues of 8.8 billion yuan (US$1.33 billion) in the first half of this year, up from 5 billion yuan a year earlier.

Source: The Standard November 25, 2020 06:45 UTC