ClouDr, a provider of SaaS in China’s healthcare space, is in talks for an initial public offering in either the U.S. or Hong Kong, eyeing to raise up to $500 million.
The company has been in talks with advisers on the possible offering, which could happen as early as this year, according to a Bloomberg report. Citing people with knowledge of the situation, the medium said ClouDr is targeting to raise between $400 million and $500 million.
ClouDr, founded in December 2014, provides software-as-a-service systems in China for hospitals, pharmacies, and e-Clinic platforms. The company said it serves 120,000 pharmacies, thousands of hospitals, and 500 million patients.
The company counts some of the industry leaders as its partners, including JD.com (Nasdaq: JD; HKEX: 9618), Samsung Electronics, Johnson & Johnson (NYSE: JNJ), and Ping An Insurance (OTC: PNGAY; HKEX: 2318).
According to an early 2020 report by DealStreetAsia, ClouDr fetched 1 billion yuan ($157 million) through two funding rounds. Among its investors were SIG Asia Investments and China Merchants Bank International.
In the first quarter, healthcare companies around the globe raised a record $31.6 billion in funding, according to a CBInsights report.
A number of Chinese digital healthcare companies are lined up for Hong Kong IPOs. Last month, WeDoctor, filed for an offering. While the offering size is yet to be disclosed, 36Kr reported that WeDoctor could raise as much as $3 billion. Further, Bloomberg reported recently that the parent of pharmaceutical online retailer Miaoshou Doctor and LinkDoc Technology could both raise around $500 million each if they go public in the city.