Ping An's Good Doctor Attracts GIC, Khazanah to $1.1 Billion IPO

(Bloomberg) -- Ping An Good Doctor, a unit of China’s biggest insurer by market value, attracted cornerstone investors including GIC Pte and Khazanah Nasional Bhd. to a Hong Kong initial public offering that could raise as much as $1.1 billion.

The Chinese online health-care platform is offering about 160 million shares at HK$50.80 to HK$54.80 apiece, according to terms for the deal obtained by Bloomberg. The Ping An Insurance (Group) Co. subsidiary will take investor orders from Monday through April 26, the terms show.

Ping An Insurance is preparing listings for its technology units after shares of the insurer have risen more than 90 percent over the past 12 months, giving it a market value of about $188 billion. Its OneConnect financial management portal has picked banks for a Hong Kong IPO that could raise as much as $3 billion, people familiar with the matter said in March.

Seven cornerstone investors agreed to buy about $550 million of stock in the Good Doctor offering, according to the terms. BlackRock Inc. will invest about $125 million, while Singapore sovereign fund GIC and Canada Pension Plan Investment Board each agreed to purchase $100 million of shares.

Khazanah, Swiss Re AG, U.S. asset manager Capital Group Cos. and a unit of Thailand’s CP Group are also buying stock in the offering. The cornerstone investors agreed to keep their holdings for six months in return for early, guaranteed allocations.

Good Doctor, which is formally known as Ping An Healthcare & Technology Co., aims to price the offering on April 26 U.S. Eastern time and begin trading May 4, the terms show. Citigroup Inc. and JPMorgan Chase & Co. are joint sponsors of the offering.

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