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TENCENT HOLDINGS LIMITED

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Tencent : China's Waterdrop raises $360 million in New York IPO -sources

05/06/2021 | 11:23pm EDT
Sign of Chinese online insurance technology firm Waterdrop Inc is pictured ahead of the company’s U.S. initial public offering (IPO) on NYSE, in Beijing

HONG KONG (Reuters) - Chinese online insurance technology firm Waterdrop Inc has raised $360 million by pricing its shares at $12 a piece in its New York initial public offering (IPO), according to two sources with direct knowledge of the matter.

The company, which is backed by Tencent Holdings Ltd, had flagged in a securities filing it would sell 30 million American Depository Shares (ADS) at $10 to $12 each, which means the finalised price is at the top end of the indicated range.

The pricing of the IPO at the top end showed investors overlooked regulatory scrutiny of the fintech sector currently underway in China and some concerns on whether the IPO will even go ahead, said one of the sources.

Waterdrop did not immediately respond to a request for comment. The sources could not be named as the information was not yet made public.

The listing comes despite Waterdrop initially facing strong regulatory pushback on the IPO going ahead, Reuters reported in April quoting sources..

At the time, Waterdrop denied that Chinese regulators were opposed to its capital markets plan, adding that its senior managers were in regular communication with regulators.

Waterdrop will start trading on the New York Stock Exchange on Friday.

The IPO has a so-called greenshoe option for a further 4.5 million shares to be sold, which could raise an extra $54 million, according to the issue's term sheet.

Cornerstone investors subscribed for $210 million worth of stock with Boyu Capital, one of the company's existing major shareholders, taking $100 million in the deal already.

(Reporting by Scott Murdoch; Editing by Muralikumar Anantharaman)

By Scott Murdoch


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CAPITAL ONE FINANCIAL CORPORATION 0.77% 157.57 Delayed Quote.59.40%
TENCENT HOLDINGS LIMITED 0.09% 583 End-of-day quote.3.37%
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Financials
Sales 2021 591 B 91 464 M 91 464 M
Net income 2021 150 B 23 144 M 23 144 M
Net cash 2021 116 B 17 963 M 17 963 M
P/E ratio 2021 31,5x
Yield 2021 0,33%
Capitalization 4 624 B 714 B 715 B
EV / Sales 2021 7,62x
EV / Sales 2022 6,20x
Nbr of Employees 89 228
Free-Float 62,4%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 486,02 CNY
Average target price 626,84 CNY
Spread / Average Target 29,0%
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Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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