APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JD Health International  / Equity Capital Markets


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.




It has been another busy week in the ECM space. There were a few big launches in Hong Kong. Evergrande Property Services (6666 HK) and China Resources Mixc Lifestyle Services (1209 HK) are the two latest property services companies to come to market with deal sizes of US$2bn and US$1.5bn. Both IPOs had substantial support from cornerstone investors. Evergrande Svcs's support came from a long list of China investors whereas CR Mixc pulled in reputable institutional heavy weights such as GIC, Hillhouse, Matthews Funds, CDH and etc.


CR Mixc Lifestyle Services (华润万象生活) IPO - Needs Time to Prove Itself 

Evergrande Services (恒大物业) IPO - Overhang Issues 

Then there was JD Health (6618 HK) US$3.5bn bookbuild launch which also drew interests from a few familiar names, GIC, Tiger Global, BlackRock, Hillhouse and etc. We discussed valuation, updates post Ali Health's results, and index implications in our notes:


JD Health (京东健康) IPO - Ali Health 1H Results Read Through and Index Inclusions 

JD Health (京东健康) IPO - Paying to Ride the Early Innings of Healthcare Transformation 

Other upcoming Hong Kong IPOs that will likely launch in the coming week includes POP MART (POP HK), Harbour Biomed (HMD HK), Sino-Ocean Service (1827597D HK) and Blue Moon Group Holdings (BMG HK) which we have covered them over the past few weeks, including updates from PHIP filing. 


Pop Mart Pre-IPO - PHIP Updates - Still Riding on past Expansion 
Pop Mart Pre-IPO - PHIP - Valuation Updates

Sino-Ocean Services (远洋服务) Pre-IPO - Nothing Stands Out 

Blue Moon Group Pre-IPO - Valuation Updates 

HBM (和珀医药) Pre-IPO: Thoughts on Valuation 

Last but not least, New Horizon Health (NHH HK), which Ke Yan, CFA, FRM has covered this week, will probably list some time next year and expecting to raise up to US$300m


New Horizon Health (诺辉健康) Pre-IPO: A Hot Medical Device Deal in Making 

In Australia, Nuix (NXL AU) will debut this coming Friday while Dalrymple Bay Infrastructure (DBI AT) is expected trade on the Tuesday the week after. We covered them in the two notes:


Nuix Limited IPO -  A Stable and Predictable Niche 

Dalrymple Bay Infrastructure - Highly Curious Timing 

In India, sentiment is gearing to be ready for more IPOs, especially after the strong performance of Gland Pharma (7172753Z IN) last Friday. Burger King India (BKI IN) revealed its bookbuild details and anchor book will open on the 2nd of December. Aside form that, Sumeet Singh also covered Brookfield India REIT's fundamental, positives, and negatives in two notes.


Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure 
Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered
Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster
Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex

In the U.S, aside from the incredible rally of recently listed China EVs, there hasn't been much activity. 17 Education and Technology (YQ US) is the latest online tuition provider that is looking to raise up to US$300m. But a major decision will be made next week to decide whether Chinese firms need to comply with audit-oversight rules.


17 Edu &amp; Tech (一起教育) Pre-IPO: Far from Profitability 

Placements this week:


China Hongqiao Placement - Deep Discount for a Big Deal 

ESR Cayman Placement - Back to Sell Again 

Bega Cheese Placement + Entitlement Offer - A Sensible Acquisition 





Accuracy Rate:



Our overall accuracy rate is 73.3% for IPOs and 66.1% for Placements 


(Performance measurement criteria is explained at the end of the note)






No new IPO filings this week  




Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.







News on Upcoming IPOs  





JD Health IPO helps cure Hong Kong market blues after Ant
Large listings poised to push Hong Kong’s funds raised via IPO to 10-year high
Burger King India IPO to open on December 2
House to Vote on Booting Chinese Stocks From U.S. Over Audit Rules




Analysis on Upcoming IPOs






Name
Insight


Hong Kong


Blue Moon

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales 



Blue Moon

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising 



Blue Moon

Blue Moon: No. 1 But No Exclusive Advantage, Observation on the Ground 



Blue Moon

Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison 



ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)



ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 



ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 



ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 



ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 



ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 



Dida

Dida Pre-IPO - Making Hay While Big Brother Retreats 



E-Star Comm

E-Star Commercial Management Pre-IPO - Better Disclosure in New Prospectus 



E-Star Comm

E-Star Commercial Management Pre-IPO - Still Largely Reliant on Galaxy, Poor Disclosure Doesn’t Help 



Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 



Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 



Kuaishou

Kuaishou Technology Pre-IPO - The Positives - Hot Segment, Fast Growth 



Kuaishou

Kuaishou Technology Pre-IPO - The Negatives - Ample Doubts Remain 



Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


Ocumension

Ocumension (欧康维视) Pre-IPO: All Ready for a Great Listing Except a Block Buster 


Pop Mart

Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer? 


Pop Mart

Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth 


Pop Mart

Pop Mart Pre-IPO - Peer Set and Valuation 


Pop Mart

Pop Mart Pre-IPO Quick Note - On the Ground - Pop-Up Stores Are Effective 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


India


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers 



Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 



Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure 



Brookfields REIT

Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered 



Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 



CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


IRFC

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta



LIC


Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 



Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Malaysia


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food


Thailand


PTTOR

PTT Oil and Retail IPO - F&amp;B Business Is the Profit Driver 


The U.S


CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent





ECM Weekly (29 November 2020) - JD Health, Evergrande Svcs, CR Svcs, Pop Mart, Nuix and More

<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> (JDH) is looking to raise up to US$3.47bn in its upcoming Hong Kong IPO </p><p>JDH’s retail pharmacy and online healthcare services form a strong, closed loop, end-to-end healthcare ecosystem that is well-positioned to benefit from the digitalization of China’s healthcare system. It has an extensive network of online and offline pharmacies which is expanding into offering more online healthcare services. Revenue has been strong in the past three years and it has accelerated further due to COVID-19. </p><p>In this note, we will take a look at Ali Health’s 1H FY2020 results and the prospects of fast track/ early inclusion into various indices.</p><div><p>Our previous coverage of the IPO:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-well-positioned-to-ride-china-s-healthcare-digitalization" target="_blank" data-smartkarma-citation="insights:43711" rel="noopener">JD Health (京东健康) Pre-IPO - Well-Positioned to Ride China’s Healthcare Digitalization</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-peer-comparison-it-s-a-close-fight-and-competition-is-intensifying" target="_blank" data-smartkarma-citation="insights:45062" rel="noopener">JD Health (京东健康) Pre-IPO - Peer Comparison - It's a Close Fight and Competition Is Intensifying</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-assumptions-and-valuations" target="_blank" data-smartkarma-citation="insights:45266" rel="noopener">JD Health (京东健康) Pre-IPO - Assumptions and Valuations</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-updates-from-phip-fine-tuning-forecasts" target="_blank" data-smartkarma-citation="insights:45368" rel="noopener">JD Health (京东健康) Pre-IPO - Updates from PHIP - Fine-Tuning Forecasts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/jd-health-ipo-paying-to-ride-the-early-innings-of-healthcare-transformation" target="_blank" data-smartkarma-citation="insights:45695" rel="noopener">JD Health (京东健康) IPO - Paying to Ride the Early Innings of Healthcare Transformation</a> </li>
</ul></div>

JD Health (6618 HK) (JDH) is looking to raise up to US$3.47bn in its upcoming Hong Kong IPO JDH’s retail pharmacy and online healthcare services form a strong, closed loop, end-to-end healthcare ecosystem that is well-positioned to benefit from the digitalization of China’s healthcare system. It has an extensive network of online and offline pharmacies which is expanding into offering more online healthcare services. Revenue has been strong in the past three years and it has accelerated further due to COVID-19. In this note, we will take a look at Ali Health’s 1H FY2020 results and the prospects of fast track/ early inclusion into various indices.Our previous coverage of the IPO:

JD Health (京东健康) Pre-IPO - Well-Positioned to Ride China’s Healthcare Digitalization 

JD Health (京东健康) Pre-IPO - Peer Comparison - It's a Close Fight and Competition Is Intensifying 

JD Health (京东健康) Pre-IPO - Assumptions and Valuations 

JD Health (京东健康) Pre-IPO - Updates from PHIP - Fine-Tuning Forecasts 

JD Health (京东健康) IPO - Paying to Ride the Early Innings of Healthcare Transformation 


JD Health (京东健康) IPO - Ali Health 1H Results Read Through and Index Inclusions

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

<p>Healthcare’s presence in Asian capital markets has increased substantially over the last four years on the heels of substantial investments in private markets (VC/PE). Policy reforms and changes in listing rules, most notably in China, have led to an explosion of market cap creation for the sector as the universe of companies has expanded to include innovative companies, most notably pre-revenue biopharmaceutical companies. At the same time, substantial investments in digital healthcare, fueled by the COVID-19 pandemic, adds a new source of listed companies. This Insight focuses on leading unlisted healthcare companies in China, India, and ASEAN that have raised substantial amounts of capital and appear to be candidates for listing.   </p>

Healthcare’s presence in Asian capital markets has increased substantially over the last four years on the heels of substantial investments in private markets (VC/PE). Policy reforms and changes in listing rules, most notably in China, have led to an explosion of market cap creation for the sector as the universe of companies has expanded to include innovative companies, most notably pre-revenue biopharmaceutical companies. At the same time, substantial investments in digital healthcare, fueled by the COVID-19 pandemic, adds a new source of listed companies. This Insight focuses on leading unlisted healthcare companies in China, India, and ASEAN that have raised substantial amounts of capital and appear to be candidates for listing.   

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div>
<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan.</p>
<div><p>At the proposed IPO price range of HK$62.80-70.58 per share, JD Health will have a market cap of $25.3-28.5 billion. At the mid-point of the IPO price range, the total proceeds are HK$25,469 million ($3.3 billion). Six cornerstone investors will subscribe for $1.35 billion worth of the offer shares. The cornerstone investors include GIC, Hillhouse Capital and BlackRock. </p></div>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/jd-health-ipo-initiation-e-ppointments" target="_blank" data-smartkarma-citation="insights:45106" rel="noopener">JD Health IPO Initiation: E-Ppointments</a>, we opined that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. In <a href="https://www.smartkarma.com/insights/jd-health-ipo-phip-new-data-points-and-peer-comparison" target="_blank" data-smartkarma-citation="insights:45377" rel="noopener">JD Health IPO: PHIP New Data Points and Peer Comparison</a>, we stated that the new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. Overall, we would participate in the IPO due to an attractive IPO price range.</p></div></div></div>


JD Health (6618 HK) is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan.
At the proposed IPO price range of HK$62.80-70.58 per share, JD Health will have a market cap of $25.3-28.5 billion. At the mid-point of the IPO price range, the total proceeds are HK$25,469 million ($3.3 billion). Six cornerstone investors will subscribe for $1.35 billion worth of the offer shares. The cornerstone investors include GIC, Hillhouse Capital and BlackRock. 
In JD Health IPO Initiation: E-Ppointments, we opined that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. In JD Health IPO: PHIP New Data Points and Peer Comparison, we stated that the new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. Overall, we would participate in the IPO due to an attractive IPO price range.

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a> , the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. Reuters reported today that according to a term sheet obtained by them, JD Health is seeking to raise up to US$3.5bn by selling 381.9m shares at an indicative price range of HK$62.8-70.58 per share.</p><p>The greenshoe option includes the sale of further 15% of the company’s shares which would raise the total IPO proceeds to about US$4bn. The initial size of the deal represents 12.2% of JD Health’s enlarged share capital and at the midpoint of the IPO price of HK$66.69 per share, the company will have a valuation of US$25.6bn.</p><table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 240.0pt;"><p style="text-align: center;"><strong>JD Health International IPO Details</strong></p></td></tr>
<tr>
<td style="width: 180.0pt;"><p>No. of Shares Issued (m)</p></td>
<td style="width: 60.0pt;"><p style="text-align: right;">381.9</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>IPO Price (HK$)</p></td>
<td style="width: 60.0pt;"><p style="text-align: right;">62.8-70.58</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Offer as a % Total Outstanding Shares</p></td>
<td style="width: 60.0pt;"><p style="text-align: right;">12.20%</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Total Shares Outstanding (m)</p></td>
<td style="text-align: right; width: 60pt;"><p>         3,130.3</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Gross Proceeds (HK$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>      25,468.9</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Gross Proceeds (US$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>         3,280.8</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Market Capitalisation (HK$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>    208,761.6</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Market Capitalisation (US$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>      26,891.6</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Enterprise Value (HK$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>    199,039.3</p></td>
</tr>
<tr>
<td style="width: 180.0pt;"><p>Enterprise Value (US$m)</p></td>
<td style="text-align: right; width: 60pt;"><p>      25,639.2</p></td>
</tr>
</tbody></table><div class="content-caption"><em>Source: Company Disclosures, Reuters, LSR (gross proceeds, market cap and EV are based on the midpoint of the IPO price of HK$66.69 per share, EV is after adjusting for net cash as of Sep 2020)</em></div><p><em>Read our previous insights on the company's IPO:</em></p><p><a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-poised-to-benefit-from-structural-changes-in-healthcare-in-china-and-the-pandemic" target="_blank" data-smartkarma-citation="insights:44220" rel="noopener">JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic</a> </p><p><a href="https://www.smartkarma.com/insights/jd-health-pre-ipo-peer-comparison-reveals-jd-health-s-financials-are-stronger-than-competition" target="_blank" data-smartkarma-citation="insights:44876" rel="noopener">JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition</a> </p><p><a href="https://www.smartkarma.com/insights/jd-health-ipo-phip-data-re-affirms-our-positive-view-on-the-company" target="_blank" data-smartkarma-citation="insights:45425" rel="noopener">JD Health IPO: PHIP Data Re-Affirms Our Positive View on the Company</a> </p>

JD Health (6618 HK) , the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. Reuters reported today that according to a term sheet obtained by them, JD Health is seeking to raise up to US$3.5bn by selling 381.9m shares at an indicative price range of HK$62.8-70.58 per share.The greenshoe option includes the sale of further 15% of the company’s shares which would raise the total IPO proceeds to about US$4bn. The initial size of the deal represents 12.2% of JD Health’s enlarged share capital and at the midpoint of the IPO price of HK$66.69 per share, the company will have a valuation of US$25.6bn.
JD Health International IPO Details

No. of Shares Issued (m)
381.9


IPO Price (HK$)
62.8-70.58


Offer as a % Total Outstanding Shares
12.20%


Total Shares Outstanding (m)
         3,130.3


Gross Proceeds (HK$m)
      25,468.9


Gross Proceeds (US$m)
         3,280.8


Market Capitalisation (HK$m)
    208,761.6


Market Capitalisation (US$m)
      26,891.6


Enterprise Value (HK$m)
    199,039.3


Enterprise Value (US$m)
      25,639.2

Source: Company Disclosures, Reuters, LSR (gross proceeds, market cap and EV are based on the midpoint of the IPO price of HK$66.69 per share, EV is after adjusting for net cash as of Sep 2020)Read our previous insights on the company's IPO:JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic JD Health Pre-IPO: Peer Comparison Reveals JD Health’s Financials Are Stronger than Competition JD Health IPO: PHIP Data Re-Affirms Our Positive View on the Company 

JD Health IPO: Attractive Even at High End on Cheapness and Gearing to Healthcare Transformation

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

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JD Health International (6618 HK)

ECM Weekly (29 November 2020) - JD Health, Evergrande Svcs, CR Svcs, Pop Mart, Nuix and More

A few big IPOs launched in Hong Kong this week, namely, JD Health, Evergrande Services, and CR Mixc Services. Interestingly, the trio drew strong...

Zhen Zhou, Toh

JD Health (京东健康) IPO - Ali Health 1H Results Read Through and Index Inclusions

JD Health's IPO bookbuild will likely close a day early. In this note, we take a look at Ali Health’s 1H FY2020 results and the prospects of early...

Zhen Zhou, Toh

Asian Healthcare - Coming of Age

This Smartkarma Originals Insight highlights 20 leading unlisted healthcare companies in Asia, mainly in digital healthcare and biopharma, that are...

Kemp Dolliver, CFA

JD Health IPO: Valuation Insights

At the proposed IPO price range of HK$62.80-70.58 per share, JD Health will have a market cap of $25.3-28.5 billion. Overall, we would participate...

Arun George

JD Health IPO: Attractive Even at High End on Cheapness and Gearing to Healthcare Transformation

Reuters reported today that according to a term sheet obtained by them, JD Health is seeking to raise up to US$3.5bn by selling 381.9m shares at an...

Shifara Samsudeen, ACMA, CGMA

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52-week Range

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