Business / Companies

Health service seeks IPO on Nasdaq

By Xie Yu in Shanghai (China Daily) Updated: 2014-03-05 09:02

China's healthcare services provider iKang Guobin Healthcare Group is aiming to raise up to $150 million in an initial public offering on the Nasdaq stock market - the latest Chinese company to attempt a listing in the US market.

Health service seeks IPO on Nasdaq

Health service seeks IPO on Nasdaq
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The Beijing-based company reported revenue of $134 million in the 2012 fiscal year that ended in March 2013, 43 percent up year-on-year.

Its net profit rose by 25 percent year-on-year to $12 million, according to financial reports.

The company, in which Goldman Sachs Group Inc and Government of Singapore Investment Corp both have stakes, has 40 health examination and medical treatment centers in 12 cities in China.

It cooperates with 500 medical institutions in more than 200 Chinese cities.

Analysts said iKang Guobin is highly likely to be the first Chinese medical examination provider to be listed on the US market.

No price range has been disclosed at this stage. Bank of America Merrill Lynch and UBS AG will act as book runners for the deal.

As Chinese society ages and becomes more concerned about pollution, people's spending on healthcare is surging. McKinsey and Co Ltd estimated last year that China's healthcare spending will swell to $1 trillion in 2020 from $357 billion in 2011.

Private medical care has been a sector with fast development, luring great investment interest in recent years. Private hospitals, healthcare services and medical devices are popular with investors and are receiving key support from the government.

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