SoftBank-Backed Robotics Firm EDDA Weighs Hong Kong IPO

EDDA Healthcare and Technology Holding Ltd., a robotic surgery firm backed by SoftBank Group Corp., is considering a Hong Kong initial public offering that could value the company at about $1 billion, according to people familiar with the matter.

China-based EDDA is working with advisers as it seeks to raise about $300 million in a share sale, the people said, asking not to be identified because the matter is private. An IPO could take place as early as this year, depending on market conditions, the people said.

Deliberations are in the early stages and no final decisions on the size and timing of any listing have been made, according to the people. A representative for EDDA didn’t immediately respond to requests for comment.

EDDA develops precision 3D medical imaging to help physicians plan for surgery, perform operations and conduct post-op evaluations of patients. The company raised $150 million in April in a private funding round led by SoftBank’s Vision Fund 2. Other investors in the fundraise include OrbiMed Advisors and 3W Fund Management.

It plans to use the proceeds of the fundraising on innovation in precision surgery to treat diseases such as cancer, and to further expand in Chinese cities where hospitals need surgical robots, EDDA said in a statement at the time.

Companies have raised about $26 billion via Hong Kong IPOs this year, according to data compiled by Bloomberg. Momentum has picked up in June after a two-month lull, as listing candidates and bankers rush to complete deals before the usual summer slowdown. At least 11 companies have announced plans to go public in the Asian financial hub this month, the data show.

Two health-care firms joined the mix on Tuesday. Zylox-Tonbridge Medical Technology Co. kicked off the roadshow for an IPO that could raise as much as $330 million, and Medlive Technology Co. started gauging demand for its proposed offering.

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