NewQuest, GIC Partially Exited Stake Of IKang In Its $153M IPO

Beijing-based private medical services provider iKang Guobin Healthcare Group has raised US$153 million by offering 10.9 million shares at US$14 per share on the NASDAQ, according to an announcement on the exchange’s website.

The IPO was priced at the higher end of its original range of US$12 to US$14 apiece.

NewQuest Capital Partners and Singapore’s GIC Private Ltd. has partially exited from iKang.

NewQuest planned to sell around 783,000 shares, reducing its holding from 6.1% to 2.1%. GIC was to 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 a previous 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.