Waterdrop Inc. Plans $330 Million IPO for May 7th (WDH)


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Waterdrop Inc. (WDH) expects to raise $330 million in an initial public offering on Friday, May 7th, IPO Scoop reports. The company plans to issue 30,000,000 shares at $10.00-$12.00 per share.

In the last year, Waterdrop Inc. generated $464.1 million in revenue and had a net loss of $101.7 million. Waterdrop Inc. has a market cap of $4.3 billion.

Goldman Sachs (Asia), Morgan Stanley and BofA Securities acted as the underwriters for the IPO and ABCI, China Merchants Securities (HK), China Renaissance, CLSA, Haitong International, Futu and Tiger Brokers were co-managers.

Waterdrop Inc. provided the following description of their company for its IPO: “Our Mission: We at Waterdrop aspire to bring insurance and healthcare service to billions through technology. (Note: Incorporated in the Cayman Islands) Overview: We are a leading technology platform dedicated to insurance and healthcare service with a positive social impact. We are the largest independent third-party insurance platform in China in terms of life and health insurance first year premiums, or FYP, distributed in 2020, according to iResearch. Through our medical crowdfunding, mutual aid platforms, and our insurance marketplace, we 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. According to iResearch report, in 2019, the total healthcare service expenditures in China reached RMB7.0 trillion, among which RMB4.7 trillion was not covered by the social medical insurance, commercial insurance, or other supplemental medical protection. With Waterdrop being a trusted brand in China, we are well positioned to capture this market opportunity for insurance and healthcare service. According to a public survey conducted by iResearch, our insurance marketplace and medical crowdfunding platforms rank No. 1 in terms of brand awareness among independent third-party insurance distribution platforms and medical crowdfunding platforms respectively. As of Dec. 31, 2020, we collaborated with 62 insurance carriers to offer 200 health and life insurance products, majority of which are jointly designed with insurance carriers, leveraging our deep understanding of the consumer demand and actuarial capabilities. Our platform is designed to be mobile-first, digitally-native, and deeply connected with insurance carriers to ensure smooth and friendly user experience throughout the process from underwriting to claim services.     “.

Waterdrop Inc. was founded in 2016 and has 4291 employees. The company is located at Block C, Wangjing Science and Technology Park No. 2 Lize Zhonger Road, Chaoyang District, Beijing People’s Republic of China and can be reached via phone at +86 10 5339-4997.

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