PE-Backed iKang Goubin Healthcare Group Files for $150M US IPO

Beijing-based private medical services provider iKang Goubin Healthcare Group has filed with the U.S. Securities and Exchange Commission for an initial public offering (IPO) on NASDAQ to raise as much as US$150 million, according to a regulatory filing of the company.

Ikang previously received several millions U.S. dollars investment from WI Harper Group and Shanghai Venture Capital.

In 2007, it received US$25 million in funding from the Bank of America Merrill Lynch (BAML), ePlanet Ventures, Walden International, WI Harpe, Shanghai Ventures and Zero2IPO Group.

Last April, Singapore sovereign wealth fund GIC Private and Goldman Sachs jointly committed US$100 million to ikang, holding 13.6% and 10.5% of the company respectively.

The company says it will use the proceeds to finance potential acquisitions and build new medical centers in China.

Founded in 2004, iKang provides services including annual checkups, outpatient and dental services for individuals and health care management services for companies.

Ikang generated US$134 million net revenue and US$12 million net profit in 2013, up 43% and 24.8% respectively year on year.

The company plans to trade under ticker symbol KANG.

BAML and UBS AG are handling the share sale.

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