Waterdrop Inc, an insurance and healthcare service platform provider, has filed Amendment No 1 to Form F-1 Registration Statement on April 30, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $330 million by offering 30 million shares at a price range of $10 to $12. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $4.6 billion.
The company is the largest independent third-party insurance platform in China in terms of life and health insurance FYP distributed in 2020. They have built a massive social network of protection and support for people, raising awareness of insurance, and ultimately providing insurance and healthcare service to consumers in China.
The Beijing, China-based company was founded in 2016 and booked $464 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol “WDH.” Goldman Sachs (Asia), Morgan Stanley, BofA Securities, ABC International Securities, China Merchants Securities, China Renaissance, CITIC CLSA and Haitong International are underwriters of the IPO.
The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and Deloitte Touche Tohmatsu Certified Public Accountants LLP as Independent Auditor.
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