Chinese insurtech Waterdrop aims to raise $360m in IPO

The firm will sell 30 million American Depository shares.

Chinese insurtech firm Waterdrop wants to raise up to $360m in an initial public offering (IPO) on the New York Stock Exchange, reports Reuters.

The Tencent-backed firm will sell 30 million American Depository shares for between $10 and $12 each, it said in the filings with the Securities and Exchange Commission (SEC). The shares will be priced on 6 May after the US market closes.

Cornerstone investors have subscribed for $210m worth of stock with Boyu Capital, one of the company’s existing major shareholders, taking $100 million in the deal already. A greenshoe, or over-allotment option, exists, to allow an extra 4.5 million shares to be sold.

In April, it was reported that the China Banking and Insurance Regulatory Commission (CBIRC), had questioned the company’s business risks, which has slowed the IPO process. The regulator even told Waterdrop founder Shen Peng that it would not suggest that the firm go public at that point, said a source.

Here’s more from Reuters.

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