Tencent-backed Chinese insurtech Waterdrop is reportedly eyeing up to $360m in a stock market flotation in New York.
In the IPO on the New York Stock Exchange, the company will sell 30 million American Depository shares priced from $10-$12 apiece, reported Reuters citing filings with the Securities and Exchange Commission (SEC).
Besides, a greenshoe option will enable the sale of an additional 4.5 million shares, further stated the report.
Cornerstone investors have reportedly subscribed for $210m stock with one of the company’s current major shareholders Boyu Capital, already raking in $100m.
Earlier, Reuters said that the China Banking and Insurance Regulatory Commission (CBIRC) questioned the business risks of the firm, without giving specifics about the risks, and recommended Shen Peng against the IPO.
The risks had reportedly slowed the process of going public.
However, Waterdrop denied the report and said that its senior managers were in regular communication with authorities.
Recently, it was reported Brazilian state bank Caixa Economica Federal is set to raise around $917m by divesting part of its stake in IPO of insurance holding Caixa Seguridade.
The state-owned bank may reportedly sell 517.5 million shares of the insurance business in IPO, considering an additional allotment.
Meanwhile, last month, it was reported that Indian insurance aggregator Policybazaar is prepping up to file a draft prospectus for an IPO next month.
The Mumbai IPO is said to fetch nearly $500m.
Also, Hippo Enterprises is set to go public through a $5bn merger with Reinvent Technology Partners Z, a special purpose acquisition company.