Waterdrop is planning IPO

News

Date: 12.05.2021

Waterdrop Inc., the Chinese insurance technology company poised to list in the U.S., said it will focus on expanding its online business, seeking to bolster its share of the highly competitive market while coping with regulatory headwinds.

The company will use proceeds of an initial public offering to increase its online insurance offerings that cater to the nation’s smaller cities and young internet users, rather than prioritizing profits, Chief Executive Officer Shen Peng said in an interview on Friday.

Beijing-based Waterdrop is raising $360 million at a valuation of $4.7 billion, based on its IPO pricing of $12 a share, people familiar with the matter said. Shen declined to comment on the figures.

Waterdrop is one of the few Chinese fintech companies that pulled off an IPO this year amid policy crackdowns and industry overhauls. Investors are betting that the Tencent Holdings Ltd.-backed firm can thrive in China’s online insurance market, which may grow to as much as 2.5 trillion yuan ($387 billion) in a decade, according to China International Capital Corp.

Based on: Bloomberg

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