Waterdrop, which operates a health insurance and healthcare crowdfunding platform in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Waterdrop states that it is the largest independent third-party insurance platform in China by life and health insurance first year premiums distributed in 2020. As of December 31, 2020, the company collaborated with 62 insurance carriers to offer 200 health and life insurance products, and over 1.7 million patients received donations through the company's Waterdrop Medical Crowdfunding.
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. Waterdrop filed confidentially on December 11, 2020. Goldman Sachs (Asia), Morgan Stanley, BofA Securities, ABC International Securities, China Merchants Securities, China Renaissance, CITIC CLSA and Haitong International are the joint bookrunners on the deal. No pricing terms were disclosed.
