China's iKang Goubin Healthcare Group eyes US listing

November 21
4:04 AM 2013

Goldman Sachs-backed iKang Guobin Healthcare is reportedly looking to launch an initial public offering in the US next year. The size of the public float, however, remains undisclosed. 

The South China Morning Post (SCMP), citing sources knowledgeable on the matter, said that iKang's Board of Directors recently approved a plan to go public, most likely in NASDAQ. 

According to the report, the Beijing-based healthcare company sought to attract Wall Street investors ahead of mainland China's biggest public healthcare reform in decades.  

Earlier this year, Goldman Sach's Principal Investment Area (PIA) team and sovereign wealth fund the Government of Singapore Investment Corporation (GIC) together bought a minority stake in iKang for USD100 million.

SCMP said that PIA and GIC's joint investment was expected to be the last private capital injection before iKang goes public. UBS AG and Bank of America Merrill Lynch helped iKang obtain the deal.

Prior to the Goldman and GIC investment, iKang was valued at CNY2 billion (HKD2.53 billion), the report said. 

iKang tried to list in the Hong Kong Stock Exchange during the past few years, but failed due to unfriendly market conditions, said SCMP. 

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