Waterdrop, which operates a health insurance distribution and crowd-funding platform in China, raised $360 million by offering 30 million ADSs at $12, the high end of the range of $10 to $12. New and existing shareholders have indicated on $210 million of the IPO, including Boyu Capital ($100mm), HOPU Investments ($80mm), and Kevin Sunny Holding ($30mm).
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.
Waterdrop plans to list on the NYSE under the symbol WDH. Goldman Sachs (Asia), Morgan Stanley, BofA Securities, ABC International Securities, China Merchants Securities, China Renaissance, CITIC CLSA and Haitong International acted as lead managers on the deal.
