NewQuest Capital Partners and Singapore’s GIC Private Ltd. will make a partial exit from Beijing-based private medical services provider iKang Guobin Healthcare Group as the company seeks to raise as much as US$175 million through a U.S. IPO, according to a regulatory filing of iKang.
IKang filed earlier this month to sell approximately 10.9 million new and existing American Depository Shares priced at US$12-14 apiece on the NASDAQ.
NewQuest will sell around 783,000 shares, reducing its holding from 6.1% to 2.1%. GIC will sell 600,000 shares, lowering its stake from 14.6% to 10.3%.
At the same time, Best Investment Corporation, a subsidiary of China’s sovereign wealth fund China Investment Corporation, is to pay US$40 million for a stake of about 4.6% of iKang at US$13.00 per share, according to the filing.
Last April, GIC Private and Goldman Sachs jointly committed US$100 million to iKang. Goldman Sachs is not selling in the IPO, but its stake will be diluted from 13% to 10.8%.
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.