Online Health-Care Platform ClouDr Mulls $500 Million IPO

Digital health-care platform ClouDr is considering an initial public offering that could raise about $400 million to $500 million, according to people with knowledge of the matter.

The Chinese company, formally known as Hangzhou KangSheng Health Consulting Co., has been holding talks with potential advisers about the offering, which could take place as soon as this year, the people said. ClouDr has been considering Hong Kong and the U.S. among potential listing venues, the people said.

Details of the IPO including size, timeline and venue could still change as deliberations continue, the people said, asking not to be identified as the discussions are private. A representative for the company didn’t immediately respond to requests for comment.

Established in 2014, ClouDr provides software-as-a-service systems for chronic disease management, connecting hospitals, pharmacies, insurers and patients, according to its website. ClouDr’s app helps patients stay in touch with doctors and make remote follow-up visits. It counts Johnson & Johnson, Bayer AG and JD.com Inc. among its partners.

ClouDr raised 1 billion yuan ($157 million) in two rounds of financing led by China Merchants Bank International and U.S. venture capital firm SIG Asia Investments in early 2020, according to a DealStreetAsia report.

It’s part of a host of health-care technology companies looking to transform China’s health system and take advantage of booming demand for online medical services as a result of the coronavirus pandemic.

Other firms from the sector looking to go public include WeDoctor, which is a planning a Hong Kong IPO of about $2 billion, and the firm behind pharmaceutical e-commerce platform Miaoshou Doctor, Bloomberg News has reported. LinkDoc Technology, a Beijing-based medical data company, is also working on a $500 million IPO.

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