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JD Health International receives orders worth over HK$560 bn for its IPO

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The IPO attracted around 850,000 retail investors

JD Health International has attracted orders worth over HK$560 billion for its initial public offering (IPO), media reports said. JD Health International’s IPO attracted around 850,000 retail investors. Earlier it was reported that JD Health International is seeking to raise up to $3.5 billion in what is set to be Hong Kong’s biggest initial public offering of the year.

According to its term sheet, JD Health plans to sell 381.9 million shares in a range of HK$62.80 and HK$70.58, according to the term sheet.  Through the IPO, JD.com, the Chinese ecommerce giant and the parent company of JD Health, will take on Alibaba in the healthcare sector.

In the month of August, JD Health raised more than $830 million from Hillhouse Capital in a non-redeemable Series B preference share financing, according to the company. The deal was completed in the third quarter. JD.com confirmed that it will remain the majority shareholder in its health unit.

In a statement, JD.com said, “By leveraging Hillhouse Capital’s industry expertise and resources, JD Health will further strengthen its pharmacy supply chain capabilities and explore additional healthcare services opportunities in the broader healthcare sector.”

Last year, JD Health raised around $1 billion in its Series A funding round from its parent company JD.com.  JD Health is a multifunctional health platform that provides numerous services starting from a 30-minute pharmacy delivery, telemedicine service, consumer-related health services such as genetic testing through to solutions to digitise hospital systems. Recently, JD Health’s telemedicine service saw a surge in business due to the Covid-19 pandemic.

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