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Miguel Cordon · · 1 min readReport: Chinese insurtech firm looks to raise $360m from US listing
“Chinese online insurance technology firm Waterdrop aims to raise up to US$360 million in an initial public offering on the New York Stock Exchange,” Reuters reported, citing company filings.
Details:
- The Tencent-backed company plans to sell 30 million American depositary shares at between US$10 and US$12 apiece. Waterdrop also gave investors an over-allotment option to purchase an additional 4.5 million shares.
- The shares are scheduled to be priced after the US market closes Thursday. Cornerstone investors have already subscribed for US$210 million worth of stock, with Boyu Capital contributing US$100 million of that amount.
Context:
- The Beijing-based firm provides online insurance policies and crowdfunding for medical purposes.
- It was previously reported that the China Banking and Insurance Regulatory Commission questioned Waterdrop’s business risks, slowing its IPO plans.
Editing by Collin Furtado and Jaclyn Tiu
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